Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/248741 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
Deutsche Bundesbank Discussion Paper No. 56/2021
Verlag: 
Deutsche Bundesbank, Frankfurt a. M.
Zusammenfassung: 
Economic theories are often encoded in equilibrium models that cannot be directly estimated because they lack features that, while inessential to the theoretical mechanism that is central to the specific theory, would be essential to fit the data well. We propose an econometric approach that confronts such theories with data through the lens of a time series model that is a good description of macroeconomic reality. Our approach explicitly acknowledges misspecificationas well as measurement error. We highlight in two applications that household heterogeneity greatly helps to fit aggregate data, independently of whether or not nominal rigidities are considered.
Schlagwörter: 
Bayesian Inference
Misspecification
Heterogeneity
VAR
DSGE
JEL: 
C32
C50
E30
ISBN: 
978-3-95729-866-9
Dokumentart: 
Working Paper
Erscheint in der Sammlung:

Datei(en):
Datei
Größe
1.32 MB





Publikationen in EconStor sind urheberrechtlich geschützt.