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http://hdl.handle.net/10419/65804
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| Title: | | Taking multi-sector dynamic general equilibrium models to the data  |
| Authors: | | Dixon, Huw Kara, Engin |
| Issue Date: | | 2012 |
| Series/Report no.: | | Cardiff Economics Working Papers E2012/8 |
| Abstract: | | We estimate and compare two models, the Generalized Taylor Economy (GTE) and the Multiple Calvo model (MC), that have been built to model the distributions of contract lengths observed in the data. We compare the performances of these models to those of the standard models such as the Calvo and its popular variant, using the ad hoc device of indexation. The estimations are made with Bayesian techniques for the US data. The results indicate that the data strongly favour the GTE. |
| Subjects: | | DSGE models Calvo Taylor price-setting |
| JEL: | | E32 E52 E58 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Cardiff Economics Working Papers
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