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dc.contributor.authorMeenagh, Daviden
dc.contributor.authorMinford, Patricken
dc.contributor.authorWickens, Michaelen
dc.date.accessioned2010-02-24-
dc.date.accessioned2012-11-02T14:29:59Z-
dc.date.available2012-11-02T14:29:59Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/65840-
dc.description.abstractWe 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
dc.language.isoengen
dc.publisher|aCardiff University, Cardiff Business School |cCardiffen
dc.relation.ispartofseries|aCardiff Economics Working Papers |xE2008/11en
dc.subject.jelC12en
dc.subject.jelC32en
dc.subject.ddc330en
dc.subject.keywordbootstrapen
dc.subject.keywordDSGE Modelen
dc.subject.keywordVAR modelen
dc.subject.keywordModel of EUen
dc.subject.keywordindirect inferenceen
dc.subject.keywordWald statisticen
dc.subject.stwInflationen
dc.subject.stwGesamtwirtschaftliche Produktionen
dc.subject.stwBootstrap-Verfahrenen
dc.subject.stwVAR-Modellen
dc.subject.stwDynamisches Gleichgewichten
dc.subject.stwKritiken
dc.subject.stwEU-Staatenen
dc.titleTesting a DSGE model of the EU using indirect inference-
dc.typeWorking Paperen
dc.identifier.ppn57427460Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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