Ochinno, Filippo; Landon-Lane, John - Society for Computational Economics - SCE - 2005
stochastic general equilibrium (DSGE) model is assumed to be implemented through open market operations or lump-sum transfers of … money. To this end we estimate a segmented markets model where households and firms are subject to cash …-in-advance constraints. In the model, Ricardian equivalence holds, so there is a one-to-one correspondence between equilibria where monetary …