00000nam 2200000zi 4500 9.879714 CaOODSP 20221107165605 m go d f cr |n||||||||| 190925t20192019onc #ob f000 0 eng d CaOODSP eng rda CaOODSP eng fre n-cn--- FB3-5/2019-38E-PDF Zivanovic, Jelena, author. What does structural analysis of the external finance premium say about financial frictions? / by Jelena Zivanovic. Ottawa : Bank of Canada, 2019. ©2019 1 online resource (ii, 27 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier Bank of Canada staff working paper, 1701-9397 ; 2019-38 "September 2019." Includes bibliographical references (pages 23-25). "I use a structural vector autoregression (SVAR) with sign restrictions to provide conditional evidence on the behavior of the US external finance premium (EFP). The results indicate that the excess bond premium, a proxy for the EFP, reacts counter cyclically to supply and monetary policy shocks and procyclically to demand shocks. I confront my empirical evidence with the predictions from financial dynamic stochastic general equilibrium (DSGE) models with respect to the finance premium in order to identify an empirically relevant financial friction. The Bernanke, Gertler and Gilchrist (1999) model generates transmission mechanisms that are favored by the data"--Abstract. Includes abstract in French. gccst Economic forecasting gccst Markets Bank of Canada. Staff working paper (Bank of Canada) 1701-9397 ; 2019-38. (CaOODSP)9.806221 PDF 1.46 MB https://publications.gc.ca/collections/collection_2019/banque-bank-canada/FB3-5-2019-38-eng.pdf