Introducing financial frictions and unemployment into a small open economy model

Lawrence J. Christiano; Mathias Trabandt; Karl Walentin

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Introducing financial frictions and unemployment into a small open economy model

机译：将金融摩擦和失业问题引入小型开放经济模型

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Which are the main frictions and the driving forces of business cycle dynamics in an open economy? To answer this question we extend the standard new Keynesian model in three dimensions: we incorporate financing frictions for capital, employment frictions for labor and extend the model into a small open economy setting. We estimate the model on Swedish data. Our main results are that (i) a financial shock is pivotal for explaining fluctuations in investment and GDP. (ii) The marginal efficiency of investment shock has negligible importance, (iii) The labor supply shock is unimportant in explaining GDP and no high frequency wage markup shock is needed.

机译：开放经济中商业周期动态的主要摩擦和驱动力是什么？为了回答这个问题，我们在三个方面扩展了标准的新凯恩斯主义模型：我们纳入了资本的融资摩擦，劳动力的就业摩擦，并将模型扩展到小型开放经济环境中。我们根据瑞典数据估算模型。我们的主要结果是：（i）金融冲击对于解释投资和GDP的波动至关重要。（ii）投资冲击的边际效率的重要性可忽略不计，（iii）劳动力供给冲击在解释GDP方面并不重要，不需要高频工资加价冲击。

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来源
《Journal of Economic Dynamics and Control》 |2011年第12期|p.1999-2041|共43页
作者
Lawrence J. Christiano; Mathias Trabandt; Karl Walentin;
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作者单位

Northwestern University and NBER, United States;

European Central Bank, Germany,Sveriges Riksbank, Research Division, 103 37 Stockholm, Sweden;

Sveriges Riksbank, Research Division, 103 37 Stockholm, Sweden;

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正文语种 eng
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关键词
DSCE model; financial frictions; employment frictions; small open economy; bayesian estimation;

机译：DSCE模型;财务摩擦;就业摩擦;小型开放经济;贝叶斯估计;

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Introducing financial frictions and unemployment into a small open economy model

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