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DSGE Models for Monetary Policy Analysis

Christiano, Lawrence J.; Trabandt, Mathias; Walentin, Karl - In: Handbook of Monetary Economics

Monetary DSGE models are widely used because they fit the data well and they can be used to address important monetary policy questions. We provide a selective review of these developments. Policy analysis with DSGE models requires using data to assign numerical values to model parameters. The...

Persistent link: https://www.econbiz.de/10009002673

REMARKS ON POTENTIAL GDP ESTIMATION IN ROMANIA

Andrei, Ana-Michaela; Oprescu, Gheorghe; Roman, Mihai; … - In: Theoretical and Applied Economics 12(541)(supplement) (2009) 12(541)(supplement), pp. 245-252

This paper is focused on potential GDP and output gap estimation in Romania using a univariate method – HP filter and a multivariate method – production function method that are applied on annual time series covering years 1990-2008. The production function we use is Cobb-Douglas with...

Persistent link: https://www.econbiz.de/10008675930

Correlation between Chinese and international energy prices based on a HP filter and time difference analysis

He, Yongxiu; Wang, Bing; Wang, Jianhui; Xiong, Wei; … - In: Energy Policy 62 (2013) C, pp. 898-909

To establish a reasonable system and mechanism for Chinese energy prices, we use the Granger causality test, Hodrick–Prescott (HP) filter and time difference analysis to research the pricing relationship between Chinese and international energy prices. We find that Chinese and international...

Persistent link: https://www.econbiz.de/10011047506

Using asymmetric Okun law and Phillips curve for potential output estimates: an empirical study for Romania

ANDREI, Ana Michaela - In: REVISTA ADMINISTRATIE SI MANAGEMENT PUBLIC 2014 (2014) 23, pp. 6-18

, the objective of the paper is the study of the modifications incurred on the unemployment time varying NAIRU and output … the paper it is estimated time varying NAIRU using Phillips asymmetric curve approach and Kalman Filter approach as well …. The output gaps computing is based on time varying NAIRU recalculated in this article and symmetric and asymmetric dynamic …

Persistent link: https://www.econbiz.de/10011129875

Identifying and characterizing the business cycle: the case of Morocco

ELALAOUI, AICHA - Volkswirtschaftliche Fakultät, … - 2014

This paper describes the key features of the Moroccan business cycles during the period 1980:q1-2012:q1. In particular, this paper identifies the chronologies in classical and growth cycles (expansion and contraction phases and full cycles in real gross domestic product). Using the modified BB...

Persistent link: https://www.econbiz.de/10011112049

Investigating potential output using the Hodrick-Prescott filter: an application for Malta

Grech, Aaron George - Volkswirtschaftliche Fakultät, … - 2014

Modern economics assumes that in the long run an economy develops in a balanced way, with full employment of resources and a constant inflation rate. The output level thereby achieved is called „potential output‟. Knowing the extent of the output gap, or the deviation from this equilibrium,...

Persistent link: https://www.econbiz.de/10011113642

Forecasting energy consumption using a new GM–ARMA model based on HP filter: The case of Guangdong Province of China

Xu, Weijun; Gu, Ren; Liu, Youzhu; Dai, Yongwu - In: Economic Modelling 45 (2015) C, pp. 127-135

Guangdong's energy reduction requirements developed by the State Council of China under the 12th Five-year Plan reflect a reality: the restriction brought by energy consumption on economic development in Guangdong is tougher. To obtain a detailed understanding of the future amount of Guangdong's...

Persistent link: https://www.econbiz.de/10011190218

Fagiolo, Giorgio; Napoletano, Mauro; Piazza, Marco; … - In: Economics Bulletin 29 (2009) 4, pp. 3155-3161

We study the impact of alternative detrending techniques on the distributional properties of U.S. output time series. We detrend GDP and industrial production time series employing first-differencing, Hodrick-Prescott and bandpass filters. We show that the resulting distributions can be...

Persistent link: https://www.econbiz.de/10008563097

Assesing HP Filter Performance for Argentina and U.S. Macro Aggregates

Ahumada, Hildegart; Garegnani, María Lorena - In: Journal of Applied Economics III (2000) November, pp. 257-284

Hodrick-Prescott filter has been the favourite empirical technique among researchers studying "cycles". Software facilities and the optimality criterion, from which the filter can be derived, can explain its wide use. However, different shortcomings and drawbacks have been pointed out in the...

Persistent link: https://www.econbiz.de/10005668910

Embedding the Multinationals? Institutions and the Development of Overseas Manufacturing Affiliates in Wales and North East England

Phelps, N. A.; Mackinnon, Danny; Stone, Ian; Braidford, Paul - In: Regional Studies 37 (2003) 1, pp. 27-40

direct investment (FDI) upon host regions is a topic of perennial interest within the fields of regional economics … indirect impacts of FDI on host regions, pointing to the branch plant syndrome. In light of significant processes of corporate … an extensive survey of overseas-owned manufacturing affiliates in these regions, the paper examines key indicators of MNE …

Persistent link: https://www.econbiz.de/10005278712