In this paper we develop a dynamic stochastic general equilibrium (DSGE) model for an open economy, and estimate it on … paper offers: i) a theoretical development of the standard DSGE model into an open economy setting, ii) Bayesian estimation …

level clearly. A positive information shock which also induces increases in interest rate is perceived by private agents as …

This paper presents a New Keynesian DSGE model with inventory holding firms. The model distinguishes between goods and … and they explain the volatility of many variables. We reject the hypothesis of better inventory management and improved …

-economy dynamic stochastic general equilibrium (DSGE) models to generate substantial cross-country spillovers; see e.g. the seminal … paper of Justiniano and Preston (2010). We present a two-region DSGE model that better captures the dependence on global …

-lasting effects on output and total factor productivity (TFP). In this paper, I argue that the typical monetary shock has been … confounded with the news shock about future technology. I propose and implement a novel SVAR approach that effectively ``cleans …'' the technology component from the traditional Cholesky monetary shock. With the new identification, I find that a monetary …

Cholesky multivariate stochastic volatility model. It establishes that systematically different dynamic restrictions are … divergent when volatility clusters idiosyncratically. It is illustrated that this property is important for empirical … multivariate stochastic volatility model is proposed as a robust alternative. …

Cholesky multivariate stochastic volatility model.It establishes that systematically different dynamic restrictions are imposed … divergent when volatility clusters idiosyncratically.It is illustrated that this property is important for empirical …