| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14140 |
| DP14140 Checking if the Straitjacket Fits | |
| Adrian Pagan; Michael R. Wickens | |
| 发表日期 | 2019-11-20 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper discusses, and provides new evidence on, the view that "theory, while essential, should be regarded as a flexible framework rather than a straightjacket, because features that the theory abstracts from may be important in practice". It considers how best to assess the empirical performance of tightly specified models such as DSGE models, and loosely specified models such as SVARs. These issues are illustrated using various New Keynesian models. We conclude that the challenge is to incorporate flexibility into the theory in such a way as to be compatible with both the theory and the data. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Model testing Dsge models Svars |
| URL | https://cepr.org/publications/dp14140 |
| 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/543028 |
| 推荐引用方式 GB/T 7714 | Adrian Pagan,Michael R. Wickens. DP14140 Checking if the Straitjacket Fits. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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