Berger, Tino; Everaert, Gerdie; Vierke, Hauke - Faculteit Economie en Bedrijfskunde, Universiteit Gent - 2015
This paper analyzes the amount of time variation in the parameters of a reduced-form empirical macroeconomic model for the U.S. economy. We set up an unobserved components model to decompose output, inflation and unemployment in their stochastic trend and business cycle gap components. The...