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This paper studies the properties of the Bayesian approach to estimation and comparison of dynamic equilibrium …
Persistent link: https://www.econbiz.de/10014122702
This paper studies the properties of the Bayesian approach to estimation and comparison of dynamic equilibrium …
Persistent link: https://www.econbiz.de/10013032688
It has been an "empirical consensus" that data from developed economies generally do not support the hypothesis of international risk-sharing, either in the form of full risk-pooling via state-contingent assets or in the form of uncovered interest parity enforced by trading non-contingent...
Persistent link: https://www.econbiz.de/10014434691
We develop a tractable macroeconomic model with employment risk and labor market search in order evaluate the effects of labor market reform on unemployment, growth, and welfare. The model has a large number of risk-averse households who can invest in risk-free physical capital and risky human...
Persistent link: https://www.econbiz.de/10008651589
. We discuss estimation of impulse response functions and variance decompositions in such large systems, and present …
Persistent link: https://www.econbiz.de/10008657123
This paper estimates a medium-scale open economy DSGE model for Germany and the rest of the Euro Area (REA). The parameter estimates indicate that there is a modest degree of structural heterogeneity between Germany and the rest of the Euro Area. In particular, (i) the private sector in Germany...
Persistent link: https://www.econbiz.de/10011436405
The lessons of the financial and macroeconomic crisis of 2007-2008 made the development of a new macroeconomic forecasting model necessary in the MNB. The model represents a small open economy. It is based on the DSGE philosophy but it deviates from it at several points. The new features of the...
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