G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3307
DP3307 Does Local Financial Development Matter?
Luigi Guiso; Luigi Zingales; Paola Sapienza
发表日期2002-03-19
出版年2002
语种英语
摘要In this article, we demonstrate that a small degree of stochastic variation in the depreciation rate of capital can greatly reduce the comovement between hours worked and labour productivity in a neoclassical growth model. The depreciation rate is modeled as a Markov process to place a strict upper bound and to ensure that variation and not the level of the rate is driving the result. Markov switching implies non-linear decision rules in the dynamic stochastic general equilibrium model (DSGE). Our contribution to DSGE solution methodologies in the presence of Markov switching is to apply Judd's (1998) projection method to non-linear decision rules. This approach allows for non-linear decision rules in a richer set of models with many more state variables than can be solved with grid-based approximations. The results presented here suggest that Markov switching parameters offer a powerful extension to DSGE models.
主题International Macroeconomics
关键词Markov switching Non-linear decision rules Hours-productivity correlation
URLhttps://cepr.org/publications/dp3307
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/532269
推荐引用方式
GB/T 7714
Luigi Guiso,Luigi Zingales,Paola Sapienza. DP3307 Does Local Financial Development Matter?. 2002.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Luigi Guiso]的文章
[Luigi Zingales]的文章
[Paola Sapienza]的文章
百度学术
百度学术中相似的文章
[Luigi Guiso]的文章
[Luigi Zingales]的文章
[Paola Sapienza]的文章
必应学术
必应学术中相似的文章
[Luigi Guiso]的文章
[Luigi Zingales]的文章
[Paola Sapienza]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。