| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4750 |
| DP4750 Comparing Shocks and Frictions in US and Euro Area Business Cycles: A Bayesian DSGE Approach | |
| Frank Smets; Rafael Wouters | |
| 发表日期 | 2004-11-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We reconsider the optimal taxation of income from labour and capital in the stochastic growth model analysed by Chari et al. (1994, 1995), but using a linear-quadratic (LQ) approximation to derive a log-linear approximation to the optimal policy rules. The example illustrates how inaccurate ?naïve? LQ approximation - in which the quadratic objective is obtained from a simple Taylor expansion of the utility function of the representative household - can be, but also shows how a correct LQ approximation can be obtained, which will provide a correct local approximation to the optimal policy rules in the case of small enough shocks. We also consider the numerical accuracy of the LQ approximation in the case of shocks of the size assumed in the calibration of Chari et al. We find that the correct LQ approximation yields results that are quite accurate, and similar in most respects to the results obtained by Chari et al. using a more computationally intensive numerical method. |
| 主题 | International Macroeconomics |
| 关键词 | Optimal taxation Lq solution |
| URL | https://cepr.org/publications/dp4750 |
| 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/533667 |
| 推荐引用方式 GB/T 7714 | Frank Smets,Rafael Wouters. DP4750 Comparing Shocks and Frictions in US and Euro Area Business Cycles: A Bayesian DSGE Approach. 2004. |
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