期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：The author is grateful to Klaus Adam, Kai Christoffel, Ester Faia, Fiorella DeFiore, Dean Corbae, Leo Kaas, Peter Karadi, GernotMüller, Oreste Tristani, and other seminar participants at the European Central Bank, the 44. Monetary Policy Committee Meetingof the German Economic Association, and the Bundesbank Workshop “Credit frictions and default in macroeconomics” for helpfulcomments and suggestions. This paper has been prepared by the author under the Wim Duisenberg Research Fellowship Programmesponsored by the ECB. Any views expressed are only those of the author and do not necessarily represent the views of the ECB or theEurosystem. Financial support from the Deutsche Forschungsgemeinschaft (SPP 1578) is gratefully acknowledged
