This paper uses an estimated open-economy dynamic stochastic general equilibrium model for the euro area to examine if during 1993Q4-2002Q4 constant interest rate forecasts (CIRFs), commonly used by inflation-targeting central banks, are viewed as being in line with the central bank's historical...

We introduce a Bayesian approach to model assessment in the class of graphical vector autoregressive processes. As a result of the very large number of model structures that may be considered, simulation-based inference, such as Markov chain Monte Carlo, is not feasible. Therefore, we derive an...

We introduce a Bayesian approach to model assessment in the class of graphical vector autoregressive (VAR) processes. Due to the very large number of model structures that may be considered, simulation based inference, such as Markov chain Monte Carlo, is not feasible. Therefore, we derive an...

Structural econometric auction models with explicit game-theoretic modeling of bidding strategies have been quite a challenge from a methodological perspective, especially within the common value framework. We develop a Bayesian analysis of the hierarchical Gaussian common value model with...