While the development of scientific theories and measurement concepts has always been strongly intertwined, model-based measurements, specified as parameters in a statistical model, have been receiving increasing attention over the last decades. In this paper, we analyze the ontological and...

Stylized facts on U.S. output and interest rates have so far proved hard to match with simple DSGE models. I estimate covariances between output, nominal and real interest rate conditional on structural shocks, since such evidence has largely been lacking in previous discussions of the...

In this paper we present two new composite leading indicators of economicactivity in Germany estimated using a dynamic factor model with and withoutregime switching. The obtained optimal inferences of business cycle turningpoints indicate that the two-state regime switching procedure leads to...