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Welfare Implications of Heterogeneous Labor Markets in a Currency Area
Poilly, C.; Sahuc, J-G. - Banque de France - 2008
This paper investigates the role of labor markets heterogeneity in a monetary union and especially what are the welfare … from a welfare perspective. We find that the choice of the instrument to direct a reform (aiming at reducing the home … unemployment rate) has drastic welfare implications in the union. Reforming the domestic labor market by a stronger regulation …
Persistent link: https://www.econbiz.de/10008528499
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A Factor-Analytic Probit Model for Representing the Market Structure in Panel Data
Elrod, Terry; Keane, Michael - Volkswirtschaftliche Fakultät, … - 1995
Internal market structure analysis infers both brand attributes and consumer preferences for those attributes from preference or choice data. The authors exploit a new method for estimating probit models from panel data to infer market structures that can be displayed in few dimensions, even...
Persistent link: https://www.econbiz.de/10011113209
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Maximum Likelihood Estimator for Spatial Stochastic Frontier Models
Pavlyuk, Dmitry - Volkswirtschaftliche Fakultät, … - 2012
heterogeneity in data. We presented a general specification of the spatial stochastic frontier model, which includes spatial lags …
Persistent link: https://www.econbiz.de/10011114293
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A Monte Carlo procedure for checking identification in DSGE models
Le, Vo Phuong Mai; Minford, A. Patrick L.; Wickens, … - Economics Section, Cardiff Business School - 2013
We propose a numerical method, based on indirect inference, for checking the identification of a DSGE model. Monte Carlo samples are generated from the model's true structural parameters and a VAR approximation to the reduced form estimated for each sample. We then search for a different set of...
Persistent link: https://www.econbiz.de/10010763977
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A Monte Carlo procedure for checking identification in DSGE models
Le, Vo Phuong Mai; Minford, Patrick; Wickens, Michael R. - C.E.P.R. Discussion Papers - 2013
We propose a numerical method, based on indirect inference, for checking the identification of a DSGE model. Monte Carlo samples are generated from the model's true structural parameters and a VAR approximation to the reduced form estimated for each sample. We then search for a different set of...
Persistent link: https://www.econbiz.de/10011084568
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Issues in Adopting DSGE Models for Use in the Policy Process
Fukac, Martin; Pagan, Adrian - Česká Národní Banka - 2006
Our discussion is structured by three concerns - model design, matching the data and operational requirements. The paper begins with a general discussion of the structure of dynamic stochastic general equilibrium (DSGE) models where we investigate issues like (i) the type of restrictions being...
Persistent link: https://www.econbiz.de/10005181147
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A Monte Carlo procedure for checking identification in DSGE models
Le, Vo Phuong Mai; Minford, Patrick; Wickens, Michael - 2013
We propose a numerical method, based on indirect inference, for checking the identification of a DSGE model. Monte Carlo samples are generated from the model's true structural parameters and a VAR approximation to the reduced form estimated for each sample. We then search for a different set of...
Persistent link: https://www.econbiz.de/10010397720
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Are asset price data informative about news shocks? : a DSGE perspective
Iskrev, Nikolay - 2018
Standard economic intuition suggests that asset prices are more sensitive to news than other economic aggregates. This has led many researchers to conclude that asset price data would be very useful for the estimation of business cycle models containing news shocks. This paper shows how to...
Persistent link: https://www.econbiz.de/10011864177
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Identification of DSGE Models - The Effect of Higher-Order Approximation and Pruning
Mutschler, Willi - 2014
Several formal methods have been proposed to check local identification in linearized DSGE models using rank criteria. Recently there has been huge progress in the estimation of non-linear DSGE models, yet formal identification criteria are missing. The contribution of the paper is threefold:...
Persistent link: https://www.econbiz.de/10013045748
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Mismatch Shocks and Unemployment During the Great Recession
Furlanetto, Francesco - 2015
We investigate the macroeconomic consequences of fluctuations in the effectiveness of the labor-market matching process with a focus on the Great Recession. We conduct our analysis in the context of an estimated medium-scale DSGE model with sticky prices and equilibrium search unemployment that...
Persistent link: https://www.econbiz.de/10013032742