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Household borrowing constraints and monetary policy in emerging economies

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Academic year: 2017

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Figure 1: Impulse response of GDP to interest rates -0,4-0,35-0,3-0,25-0,2-0,15-0,1-0,0500,05 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Figure 2: Loans repayments E 0 ∞ X t=o β ts ( U C St (i,m) " W st (m)Pt l st (i, m) − κ w2  W st (m)Wst−1 (m) − π l w t−1 π 1−l w  2 W stPt # − l st (i, m) 1+φ1 + φ ) (15)
Table 2: Prior and posterior distribution of the structure parameters
Table 3: Prior and posterior distribution of the structure parameters
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