IMF Economic Review

• Pages: 32-32

17

IMF Research Bulletin

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impact of a nancial c risis in a more direct

and ecient way. As opposed to the model

without nancial f rictions that captures

these eects t hrough the second round

impact on real and nomina l variables.

References

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Quantitative Business Cycle Framework.”

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Bloom, N., 2009. “The Impact of Uncertainty

Shocks,” Econometrica, 77(3): 623-685, 05.

Brunnermeier, M., T. Eisenbach, and Y.

Sannikov. 2012. “Macroeconomics

with Financial Frictions: A Survey,”

Levine’s Working Paper Archive

786969000000000384, David K. Levine.

Carlstrom, C.T., T.S. Fuerst. 1997. “Agency

Costs, Net Worth, and Business

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Christiano, L., R. Motto, M. Rostagno. 2013.

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Gertler, M., P. Karadi. 2011. “A Model of

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Justiniano, A., G. Primiceri, A. Tambalotti.

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Smets, F., R. Wouters. 2007. “Shocks and

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Taheri Sanjani. 2014. “Financial Frictions and

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Seven Questions (continued from page 12)