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dc.contributor.authorSacht, Stephenen_US
dc.contributor.authorFranke, Reineren_US
dc.date.accessioned2010-08-11T09:09:49Z-
dc.date.available2010-08-11T09:09:49Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/37159-
dc.description.abstractIn a small-scale New-Keynesian model with a hybrid Phillips curve and IS equation, the paper is concerned with an arbitrary frequency of the agents' synchronized decision making. It investigates the validity of a fundamental methodological precept according to which no substantive prediction or explanation of a well-defined macroeconomic period model should depend on the real time length of the period. While this principle is basically satisfied as the period goes to zero, the impulse-response functions of the high-frequency versions can qualitatively as well as quantitatively be fairly dissimilar from their quarterly counterpart. The result proves to be robust under variations of the degree of price stickiness. The main conclusion is that DSGE modelling may be more sensitive to its choice of the agents' decision interval.en_US
dc.language.isoengen_US
dc.publisherVerein für Socialpolitik Frankfurt a. M.en_US
dc.relation.ispartofseriesBeiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Advances of New Keynesian Macroeconomics G2-V2en_US
dc.subject.jelC63en_US
dc.subject.jelE32en_US
dc.subject.jelE52en_US
dc.subject.ddc330en_US
dc.subject.keywordHybrid New-Keynesian mode len_US
dc.subject.keywordhigh-frequency modellingen_US
dc.subject.keywordimpulse-response functionsen_US
dc.subject.keywordFoley's methodological precepten_US
dc.titleSome Observations in the High-Frequency Versions of a Standard New-Keynesian Modelen_US
dc.typeConference Paperen_US
dc.identifier.ppn654845565-
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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