Financial Frictions, Aggregation, and the Lucas Critique

Sun-Bin Kim, Frank Schorfheide and Yongsung Chang

No 31, 2010 Meeting Papers from Society for Economic Dynamics

Abstract: agent model; (ii) taste and technology parameters in the DSGE model are not policy invariant; (iii) fiscal policy predictions from the DSGE model are inaccurate.

Date: 2010
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