ADOLFSON, MALIN; Laséen, Stefan; Lindé, Jesper; … - Sveriges Riksbank <Stockholm> / Economics Department - 2008
In this paper, we compare the empirical properties of closed- and open-economy DSGEmodels estimated on Euro area data. The comparison is made along several dimensions;we examine the models in terms of their marginal likelihoods, forecasting performance,variance decompositions, and their...