the model's features and behavior as a system, such as the sacrifice ratio or the maximum duration of response of … formulating priors about parameters, without the unintended consequences of independent priors about individual parameters. System … motivated, explained and illustrated using a structural model for monetary policy. …

consumption-saving model with labor income risk and incomplete markets to relate income dynamics to consumption and welfare, and … derive analytical expressions for income mobility and welfare as a function of the various parameters of the underlying …

produces consistent standard errors and a reliable method for testing the differences between the model parameters. …We apply a hidden Markov model of the term structure to modeling the Brazilian swap rate curve. We examine the model … are explained by the level and the slope of the term structure. The model is estimated using a Bayesian MCM algorithm that …

validity of the sticky information model (Mankiw and Reis, 2002) for describing the dynamics of professional growth forecasts …