Understanding the Great Recession - Board of Governors of the Federal Reserv,Board of Governors of the Federal Reserve System
Board of Governors of the Federal Reserv, Board of Governors of the Federal Reserve System
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We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to �nancial frictions interacting with the zero lower bound. We reach this conclusion looking through the lens of a New Keynesian model in which �rms face moderate degrees of price rigidities and no nominal rigidities in the wage setting process. Our model does a good job of accounting for the jo ... Full description
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Description
More Information
| Author | Board of Governors of the Federal Reserv, Board of Governors of the Federal Reserve System |
|---|---|
| Publisher | CreateSpace Independent Publishing Platform |
| Release year | 2015 |
| Cover type | Softcover |
| EAN | 9781508806387 |