| Autor: |
Strachan, RW, van Dijk, Herman |
| Přispěvatelé: |
Erasmus School of Economics, Econometrics |
| Jazyk: |
angličtina |
| Rok vydání: |
2013 |
| Zdroj: |
International Economic Review, 54(1), 385-402. Wiley-Blackwell Publishing Ltd |
| ISSN: |
0020-6598 |
| Popis: |
The empirical support for features of a Dynamic Stochastic General Equilibrium model with two technology shocks is evaluated using Bayesian model averaging over vector autoregressions. The model features include equilibria, restrictions on long-run responses, a structural break of unknown date, and a range of lags and deterministic processes. We find support for a number of features implied by the economic model, and the evidence suggests a break in the entire model structure around 1984, after which technology shocks appear to account for all stochastic trends. Business cycle volatility seems more due to investment-specific technology shocks than neutral technology shocks. |
| Databáze: |
OpenAIRE |
| Externí odkaz: |
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