This paper proposes a model that emphasizes housing market interactions and …nancial intermediation costs to explain relative consumption volatility di¤erences between developed and emerging countries. The model improves upon existing dynamic stochastic general equilibrium (DSGE) models by incorporating a non-trivial …nancial sector and by letting both households and …rms face borrowing constra...

We apply the data cloning method to estimate a medium-scale dynamic stochastic general equilibrium model. The algorithm is numerical that employs replicas of original sample approximate maximum likelihood estimator as limit Bayesian simulation-based estimators. also analyze identification properties measure individual strength each parameter by observing posterior volatility estimates and acces...

Following the financial crisis of 2009 there was an emergence macroprudential policy tools, as well a need to model macroeconomy and sector in coherent framework. This paper develops calibrates small open economy DSGE for Lithuania shed some light on interactions between banking sector, regulated by policy. The features housing market, endogenous credit risk la de Walque et al. (2010), whereby ...

We develop a medium size dynamic stochastic general equilibrium (DSGE) model to assess the macroeconomic consequences of introducing an interest-bearing central bank digital currency (CBDC), electronic alternative payment with public use properties cash and that can furnish as settlement balances. The consists seven sectors, namely households, retail firms, wholesale capital producing commercia...