Comparing the estimated DSGE model with VARs
An estimated DSGE model of the Hungarian economy
... consumption. Comparing impulse responses with other DSGE models, monetary policy and productivity shocks have qualitatively similar ...this model invest- ments are less responsive than usual in the ...
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An Estimated DSGE Model of the Indian Economy
... the model and evidence from previous ...introduction, estimated DSGE models for emerging economies, and India in particular, are scarce, though one might infer potential priors by comparing ...
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An Estimated DSGE Model of the Indian Economy
... the model and evidence from previous ...introduction, estimated DSGE models for emerging economies, and India in particular, are scarce, though one might infer potential priors by comparing ...
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Information, VARs and DSGE Models
... the model have perfect information, an additional condition must be satisfied for the system to still be E-invertible for the imperfect information ...of comparing impulse responses of VARs with ...
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The price puzzle and indeterminacy in an estimated DSGE model
... the estimated monetary DSGE model generates the price ...of model mis-specification, as LS (2004) also ...a model is lacking autoregressive dynamics that are present in the data, then ...
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Housing market spillovers : evidence from an estimated DSGE model
... ratios potentially amplify the response of consumption to given “demand” side disturbances; however, we remain agnostic about the overall importance of collateral e¤ects, by estimating two di¤erent values of (as well as ...
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Strategic Interaction Among Heterogeneous Price-Setters In An Estimated DSGE Model
... estimating DSGE models relies upon maximum likelihood or Bayesian ...interpretation. Comparing the predicted moments of the model to those of the data highlights which features of the data the ...
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Welfare-based monetary policy rules in an estimated DSGE model of the US economy
... micro-founded model of the US economy containing stan- dard features such as habit persistence in consumption, adjustment costs on investment, sticky nominal wages and prices, as well as imperfect competition in ...
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An estimated DSGE model for the United Kingdom
... 5.2 VAR stability and regime breaks As noted above, our data cover the whole period 1962−2005, but our baseline structural estimates are based on a sample covering only the period since the late 1970s, reflecting the ...
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An Estimated Bayesian DSGE Model for Kazakhstan
... the model are used to determine unobservable state variables of the model and assess the contribution of structural ...the estimated output gap has been negative during the Great Recession and oil ...
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Monetary Policy in an Estimated DSGE Model with a Financial Accelerator
... this model there are three types of producers: entrepreneurs, capital pro- ducers, and ...this model. Our model differs from BGG in its char- acterization of monetary policy by a modified Taylor-type ...
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Monetary and Fiscal Policy in an Estimated DSGE Model for Morocco
... The RBC theory uses the dynamic stochastic general equilibrium models as a central tool for macroeconomic analysis and the ad-hoc behavioural equations were replaced by first order conditions of inter-temporal problems ...
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Evaluating interest rate rules in an estimated DSGE model
... our DSGE framework, which we adopted as our baseline policy speci…cation, …ts the data extremely poorly, compared to most of the alternative spec- i…cations we have ...the model-implied e¢ cient output gap ...
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Monetary Policy in an Estimated DSGE Model with a Financial Accelerator
... The model estimated with no financial accelerator shows a more persistent response of output, but this is due to a higher estimated persistence coefficient of technology ...
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Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area
... economy. 5 We want to study the pros and cons of reacting to credit indicators, either by using monetary or macroprudential policies. Having obtained estimates for the parameters of the model and for the exogenous ...
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How Useful Are Estimated DSGE Model Forecasts for Central Bankers?
... A few less central aspects of the paper also deserve comment. First, the paper observes that a 2-standard-error confidence band for inflation 6 quar- ters ahead would be, according to the authors’ calculations, 4 ...
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Housing market spillovers: Evidence from an estimated DSGE model
... 6 Concluding Remarks The role of the housing market in business fluctuations has recently gained considerable attention among academics and policymakers. On the one hand, this reflects the observation that, while cen- ...
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An estimated DSGE model for the German economy within the euro area
... are estimated under implicit assumption that there was a supra national monetary authority before the establishment of the ...two-region model, having empirically checked that the data supports our ...
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Endogenous Persistence in an Estimated DSGE Model under Imperfect Information
... havioural model and Table 4 shows the probability ranking. We find that Model H with imperfect information set II has the highest marginal data density and attains the best rela- tive model ...the ...
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An Estimated Two Country DSGE Model of Austria and the Euro Area
... The Model The theoretical model world consists of two countries/ regions, Home (Austria) and For- eign (the rest of the Euro ...the model, both real and ...
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