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Persistent link: https://www.econbiz.de/10012819475
This paper provides an underlying reason for why recent Bayesian trend-cycle decompositions of U.S. real GDP differ despite using identical unobserved components models. We stress that a pitfall in estimating unobserved components models accounts for the divergence in the empirical conclusions....
Persistent link: https://www.econbiz.de/10012934793
Persistent link: https://www.econbiz.de/10012219585