Methods versus substance: Measuring the effects of technology shocks |
| |
| Authors: | José-Víctor Ríos-Rull Frank Schorfheide Cristina Fuentes-Albero Maxym Kryshko Raül Santaeulàlia-Llopis |
| |
| Institution: | 1. Department of Economics, University of Minnesota, 271 19th Avenue South, Minneapolis, MN 55455, United States;2. Federal Reserve Bank of Minneapolis, United States;3. CAERP, Spain;4. CEPR, United States;5. NBER, United States;6. Department of Economics, University of Pennsylvania, 3718 Locust Walk, Philadelphia, PA 19104, United States;g Department of Economics, Rutgers University, 75 Hamilton Street, New Brunswick, NJ 08901-1248, United States;h International Monetary Fund, 700 19th Street NW, Washington, D.C. 20431, United States;i Department of Economics, Washington University in St. Louis, Campus Box 1208, St. Louis, MO 63130, United States |
| |
| Abstract: | Calibration and modern (Bayesian) estimation methods for a neoclassical stochastic growth model are applied to make the case that the identification of key parameters, rather than quantitative methodologies per se, is responsible for empirical findings. For concreteness, the model is used to measure the contributions of technology shocks to the business cycle fluctuations of hours worked and output. Along the way, new insights are provided in the parameter identification associated with likelihood-based estimation, the sensitivity of likelihood-based estimation to the choice of structural shocks is assessed, and Bayesian model averaging is used to aggregate findings obtained from different DSGE model specifications. |
| |
| Keywords: | |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
