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A time varying DSGE model with financial frictions

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Figure

Figure 1: Estimates of DSGE model with FF parameters. The posterior mean obtained by BLL (blue solid
Figure 2: Posterior Estimates of the Volatility of DSGE shocks. The posterior mean obtained by BLL (blue
Figure 3: Robustness Check. The posterior mode obtained by BLL (pink dash-dotted line), the 5% and 95%
Figure 4: Robustness Check. The posterior mode obtained by BLL with spread BAA corporate bond yield
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