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Cardiff Business School, Cardiff University >
Cardiff Economics Working Papers >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/65840
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Meenagh, David | | en_US |
| dc.contributor.author | | Minford, Patrick | | en_US |
| dc.contributor.author | | Wickens, Michael | | en_US |
| dc.date.accessioned | | 2010-02-24 | | en_US |
| dc.date.accessioned | | 2012-11-02T14:29:59Z | | - |
| dc.date.available | | 2012-11-02T14:29:59Z | | - |
| dc.date.issued | | 2008 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/65840 | | - |
| dc.description.abstract | | We use the method of indirect inference, using the bootstrap, to test the Smets and Wouters model of the EU against a VAR auxiliary equation describing their data. We find that their model generates excessive variance compared with the data. But their model fits the dynamic facts quite well if the errors have the properties assumed by SW but scaled down. We compare a New Classical version of the model which also performs reasonably if error properties are chosen using New Classical priors (notably excluding shocks to preferences). Both versions have (different) difficulties fitting the data if the actual error properties are used. A model combining rigid and flexible-wage/price sectors, with a weight of around 5% on the rigid sector, does best in fitting the data. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Cardiff Univ, Cardiff Business School, Economics Section Cardiff | | en_US |
| dc.relation.ispartofseries | | Cardiff Economics Working Papers E2008/11 | | en_US |
| dc.subject.jel | | C12 | | en_US |
| dc.subject.jel | | C32 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | bootstrap | | en_US |
| dc.subject.keyword | | DSGE Model | | en_US |
| dc.subject.keyword | | VAR model | | en_US |
| dc.subject.keyword | | Model of EU | | en_US |
| dc.subject.keyword | | indirect inference | | en_US |
| dc.subject.keyword | | Wald statistic | | en_US |
| dc.subject.stw | | Inflation | | en_US |
| dc.subject.stw | | Gesamtwirtschaftliche Produktion | | en_US |
| dc.subject.stw | | Bootstrap-Verfahren | | en_US |
| dc.subject.stw | | VAR-Modell | | en_US |
| dc.subject.stw | | Dynamisches Gleichgewicht | | en_US |
| dc.subject.stw | | Kritik | | en_US |
| dc.subject.stw | | EU-Staaten | | en_US |
| dc.title | | Testing a DSGE model of the EU using indirect inference | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 57427460X | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| Appears in Collections: | | Cardiff Economics Working Papers
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