G2TT
来源类型Discussion paper
规范类型论文
来源IDDP4749
DP4749 Forecasting with a Bayesian DSGE Model: An Application to the Euro Area
Frank Smets; Rafael Wouters
发表日期2004-11-23
出版年2004
语种英语
摘要We study a multi-sector model of growth with differences in TFP growth rates across sectors and derive sufficient conditions for the coexistence of structural change, characterized by sectoral labour reallocation, and constant aggregate growth path. The conditions are weak restrictions on the utility and production functions commonly applied by macroeconomists. We present evidence from US two-digit industries that is consistent with our predictions about structural change and successfully calibrate the historical shift from agriculture to manufacturing and services. We show quantitatively that reasonable deviations from our conditions do not have a big impact on the properties of the model.
主题International Macroeconomics
关键词Structural change Unbalanced growth Multi-sector growth Sectoral employment
URLhttps://cepr.org/publications/dp4749
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/533666
推荐引用方式
GB/T 7714
Frank Smets,Rafael Wouters. DP4749 Forecasting with a Bayesian DSGE Model: An Application to the Euro Area. 2004.
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