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- URN to cite this document:
- urn:nbn:de:bvb:355-epub-346381
- DOI to cite this document:
- 10.5283/epub.34638
Abstract
Within the context of a financial accelerator model, we model time-varying uncertainty (i.e. risk shocks) through the use of a mixture Normal model with time variation in the weights applied to the underlying distributions characterizing entrepreneur productivity. Specifically, we model capital producers (i.e. the entrepreneurs) as either low-risk (relatively small second moment for productivity) ...
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