@article {643172,
	title = {Money and Risk in a DSGE Framework: A Bayesian Application to the Eurozone},
	journal = {Journal of Macroeconomics},
	year = {2012},
	abstract = {We present and test a model of the Eurozone, with a special emphasis on the role of risk aversion and money. The model follows the New Keynesian DSGE framework, money being introduced in the utility function with a non-separability assumption. Money is also introduced in the Taylor rule. By using Bayesian estimation techniques, we shed light on the determinants of output, inflation, money, interest rate, flexible-price output, and flexible-price real money balance dynamics. The role of money is investigated further. Its impact on output depends on the degree of risk aversion. Money plays a minor role in the estimated model. Yet, a higher level of risk aversion would imply that money had significant quantitative effects on business cycle fluctuations.},
	url = {https://doi.org/10.1016/j.jmacro.2011.10.003},
	author = {Jonathan Benchimol and Andr{\'e} Four{\c c}ans}
}
