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Title:Taking multi-sector dynamic general equilibrium models to the data PDF Logo
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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