We introduce long-term government bonds along with private credit instruments into a monetary DSGE model with financial intermediaries that face endogenously determined balance sheet constraints. We use it to compare the effects of large-scale purchases of private and government assets after a...

We study the implications of increased price flexibility on aggregate output volatility in a dynamic stochastic general equilibrium (DSGE) model. First, using a simplified version of the model, we show analytically that the results depend on the shocks driving the economy and the systematic...

In this paper, we examine the extent to which market structure and the way in which it affects pricing decisions of profit-maximizing firms can explain incomplete exchange rate pass- through. To this purpose, we evaluate how pass-through rates vary across trade partners and sectors depending on...