How important are collateral constraints for reproducing salient features of the data? To address this question, we estimate two nested versions of a New Keynesian model:[...]

Using Bayesian methods, we estimate a small open economy model in which consumers face limits to credit determined by the value of their housing stock. The purpose of thi[...]

Although the concept of monetary policy lag has historical roots deep in the monetary economics literature, relatively little attention has been paid to the idea. In this[...]