| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13166 |
| 来源ID | Working Paper 13166 |
| How Structural Are Structural Parameters? | |
| Jesús Fernández-Villaverde; Juan F. Rubio-Ramírez | |
| 发表日期 | 2007-06-11 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper studies how stable over time are the so-called "structural parameters" of dynamic stochastic general equilibrium (DSGE) models. To answer this question, we estimate a medium-scale DSGE model with real and nominal rigidities using U.S. data. In our model, we allow for parameter drifting and rational expectations of the agents with respect to this drift. We document that there is strong evidence that parameters change within our sample. We illustrate variations in the parameters describing the monetary policy reaction function and in the parameters characterizing the pricing behavior of firms and households. Moreover, we show how the movements in the pricing parameters are correlated with inflation. Thus, our results cast doubts on the empirical relevance of Calvo models. |
| 主题 | Econometrics ; Estimation Methods ; Macroeconomics ; Macroeconomic Models ; Business Cycles |
| URL | https://www.nber.org/papers/w13166 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570835 |
| 推荐引用方式 GB/T 7714 | Jesús Fernández-Villaverde,Juan F. Rubio-Ramírez. How Structural Are Structural Parameters?. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13166.pdf（532KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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