Munich Personal RePEc Archive
Optimal Fiscal and Monetary Policy
under Sectorial Heterogeneity
Berriel, Tiago and Sinigaglia, Daniel
Princeton University, PUC-Rio
8 April 2008
Online at
https://mpra.ub.uni-muenchen.de/10233/
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Referen ce for Par am et er Esti m at ion Low Vari ance Heter ogeneous
Eco nomy
Hig h V ari an ce Hetero gen eous
Econ om y S m ets and W out ers (2007)
U S: 1966Q I-2004Q IV
0.0223% 0.2051%
S m ets and W out ers (2005)* U S: 1974Q I-2002Q II
0.0567% 0.4895%
S m ets and W out ers (2005)* Eu ro Ar ea: 1974Q I-2002Q II
0.0523% 0.4449%
J ustini ano, Pri m icer i and Tam b al ott i (2008)** U S: 1954Q III-2004Q IV
0.0380% 0.3475%
*W age m ark ups are estim ated as rand om noi ses instead of A R(1) s. ** O nl y n eutr al tech nolo gy sho ck consi dered.
1 ; 8 0 0 & * -F
4 0 1 .
Reference for Parameter Estimation Low Variance Heterogeneous
Economy
High Variance Heterogeneous
Economy
Smets and Wouters (2007) US: 1966QI-2004QIV
0.0014% 0.0023%
Smets and Wouters (2005)* US: 1974QI-2002QII
0.0007% 0.0034%
Smets and Wouters (2005)* Euro Area: 1974QI-2002QII
0.0007% 0.0031%
Justiniano, Primiceri and Tambalotti (2008)** US: 1954QIII-2004QIV
0.0027% 0.0043%
*Wage markups are estimated as random noises instead of AR(1) s. ** Only neutral technology shock considered.
1 #; 8 0 & 2 -F 4 0 1
.+
