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Welfare Cost of Model Uncertainty in a Small Open Economy
This paper extends the canonical small open-economy real-business-cycle model, when considering model uncertainty. Domestic households have multiplier preferences, which leads them to take robust decisions in response to possible model misspecification for the economy’s aggregate productivity. Using...
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| Formato: | Online Artículo Texto |
| Lenguaje: | English |
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MDPI
2020
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| Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7712009/ https://www.ncbi.nlm.nih.gov/pubmed/33286989 http://dx.doi.org/10.3390/e22111221 |