Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212658 
Year of Publication: 
2009
Series/Report no.: 
BOFIT Discussion Papers No. 14/2009
Publisher: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
Abstract: 
This paper develops and estimates an open economy dynamic stochastic general equilibrium (DSGE) model of the Hong Kong economy. The model features short-run price rigidities generated by monopolistic competition and staggered reoptimisation. The model is enhanced with wealth effects due to stock price dynamics, which we believe to be important. For this reason we adopt a perpetual youth approach. Model parameters and unobserved components are estimated with a Bayesian maximum likelihood procedure, conditional on prior information concerning the values of parameters.
Persistent Identifier of the first edition: 
ISBN: 
978-952-462-983-6
Document Type: 
Working Paper

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