Doh, Taeyoung - In: Journal of Economic Dynamics and Control 35 (2011) 8, pp. 1229-1244
This paper estimates a sticky price macro model with US macro and term structure data using Bayesian methods. The model is solved by a nonlinear method. The posterior distribution of the parameters in the model is found to be bi-modal. The degree of nominal rigidity is high at one mode ("sticky...