| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5219 |
| DP5219 Signal Accuracy and Informational Cascades | |
| Tuvana Pastine; Ivan Pastine | |
| 发表日期 | 2005-09-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | The time series fit of dynamic stochastic general equilibrium (DSGE) models often suffers from restrictions on the long-run dynamics that are at odds with the data. Relaxing these restrictions can close the gap between DSGE models and vector autoregressions. This paper modifies a simple stochastic growth model by incorporating permanent labor supply shocks that can generate a unit root in hours worked. Using Bayesian methods we estimate two versions of the DSGE model: the standard specification in which hours worked are stationary and the modified version with permanent labor supply shocks. We find that the data support the latter specification. |
| 主题 | International Macroeconomics |
| 关键词 | Bayesian econometrics Dsge models Non-stationary hours |
| URL | https://cepr.org/publications/dp5219 |
| 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/534092 |
| 推荐引用方式 GB/T 7714 | Tuvana Pastine,Ivan Pastine. DP5219 Signal Accuracy and Informational Cascades. 2005. |
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