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The traditional loans pricing methods are usually based on risk measures of individual loan's characteristics without considering the correlation between the defaults of different loans and the contribution of individual loans to the entire loan portfolio. In this study, using account-level...
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This paper studies the role of government expenditure in shaping inflation dynamics via the lens of the Phillips curve. We estimate the Phillips curve implied from a structural New Keynesian model that incorporates government expenditure using aggregate US data. Our estimation results based on...
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