Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/26833 
Year of Publication: 
2008
Series/Report no.: 
Ruhr Economic Papers No. 68
Publisher: 
Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI), Essen
Abstract: 
In this paper, we estimate a small New Keynesian dynamic stochastic general equilibrium (DSGE) model for Germany for the period from 1975 to 1998 and use it to identify the structural shocks, which have driven the business cycle. For this purpose we apply indirect inference methods, that is we specify the parameters of the theoretical model such that simulated data mimics observed data as closely as possible. In addition to the identification of structural shocks, we uncover the unobservable output gap, which is a prominent indicator in business cycle analysis. Furthermore, we show to which extent each identified shock has contributed to the business cycle fluctuations. - Business cycle accounting ; dynamic stochastic general equilibrium models ; Germany ; indirect inference ; New Keynesian macroeconomics
JEL: 
C32
C51
E32
ISBN: 
978-3-86788-071-8
Document Type: 
Working Paper

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