Title:Fleshing out the monetary transmission mechanism : output composition and the role of financial frictions Author(s):MEIER, André; MÜLLER, Gernot J.Date:2006Citation:
- Journal of Money Credit and Banking, 2006, Vol. 38, No. 8, pp. 2099-2133
Type:ArticleAbstract:Financial frictions affect the way in which different macroeconomic series respond to a monetary policy shock. We embed the financial accelerator of Bernanke, Gertler, and Gilchrist (1999) into a medium-scale DSGE model ...
Title:Twin deficit : squaring theory, evidence and common sense Author(s):CORSETTI, Giancarlo; MÜLLER, Gernot J.Date:2006Citation:
- Economic Policy, 2006, Vol. 21, No. 48, pp. 597-638
Type:ArticleAbstract:Simple accounting suggests that shocks to the government budget move the current account in the same direction, and this `twin deficits' intuition leads many observers to call for fiscal consolidation in the US as a necessary ...