Estimating Macroeconomic Models of Financial Crises: An Endogenous Regime-Switching Approach
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We estimate a workhorse DSGE model with an occasionally binding borrowing constraint. First, we propose a new specification of the occasionally binding constraint, where the transition between the unconstrained and constrained states is a stochastic function of the leverage level and the constraint
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美国国家经济研究局创建时间：
2020-04-01
