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Flow data across regions can be modeled by spatial econometric models, see LeSage and Pace (2009). Recently, regional studies became interested in the aggregation and disaggregation of flow models, because trade data cannot be obtained at a disaggregated level but data are published on an...
Persistent link: https://www.econbiz.de/10009733811
The extended Hodrick-Prescott (HP) method was developed by Polasek (2011) for a class of data smoother based on second order smoothness. This paper develops a new extended HP smoothing model that can be applied for spatial smoothing problems. In Bayesian smoothing we need a linear regression...
Persistent link: https://www.econbiz.de/10009685470
The Hodrick-Prescott (HP) method is a popular smoothing method for economic time series to get a smooth or long-term component of stationary series like growth rates. We show that the HP smoother can be viewed as a Bayesian linear model with a strong prior using differencing matrices for the...
Persistent link: https://www.econbiz.de/10009685473
One important question in the DSGE literature is whether we should detrend data when estimating the parameters of a DSGE model using the moment method. It has been common in the literature to detrend data in the same way the model is detrended. Doing so works relatively well with linear models,...
Persistent link: https://www.econbiz.de/10012850331
Factor based forecasting has been at the forefront of developments in the macroeconometric forecasting literature in the recent past. Despite the flurry of activity in the area, a number of specification issues such as the choice of the number of factors in the forecasting regression, the...
Persistent link: https://www.econbiz.de/10003865998
Several central banks have adopted inflation targets. The implementation of these targets is flexible; the central banks aim to meet the target over the long term but allow inflation to deviate from the target in the short-term in order to avoid unnecessary volatility in the real economy. In this...
Persistent link: https://www.econbiz.de/10013040585
This chapter presents a unified set of estimation methods for fitting a rich array of models describing dynamic relationships within a longitudinal data setting. The discussion surveys approaches for characterizing the micro dynamics of continuous dependent variables both over time and across...
Persistent link: https://www.econbiz.de/10014024953
Persistent link: https://www.econbiz.de/10011905867
Persistent link: https://www.econbiz.de/10012136126
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...
Persistent link: https://www.econbiz.de/10011779629