Showing papers by "Jan in 't Veld published in 2005"
Posted Content•
TL;DR: In this article, the authors apply Bayesian estimation techniques to a time series data set of the euro area and present estimates of a DSGE model, which can then serve as a benchmark for an estimation of a QUEST specification.
Abstract: In recent years a new consensus has emerged in macroeconomics in general and in model building in particular, the so called New Keynesian Paradigm (NKM).This paper applies Bayesian estimation techniques to a time series data set of the euro area and presents estimates of a DSGE model. The purpose of this paper is not to estimate the current version of the QUEST model directly with these methods but rather to estimate a prototype new generation New-Keynesian DSGE model. This model can then serve as a benchmark for an estimation of a QUEST specification. In fact in some dimensions the QUEST model may need to be adjusted to come closer to a DSGE model.
31 citations
Posted Content•
TL;DR: In this paper, the authors apply Bayesian estimation techniques to a time series data set of the euro area and present estimates of a DSGE model, which can then serve as a benchmark for an estimation of a QUEST specification.
Abstract: In recent years a new consensus has emerged in macroeconomics in general and in model building in particular, the so called New Keynesian Paradigm (NKM). This paper applies Bayesian estimation techniques to a time series data set of the euro area and presents estimates of a DSGE model. The purpose of this paper is not to estimate the current version of the QUEST model directly with these methods but rather to estimate a prototype new generation New-Keynesian DSGE model. This model can then serve as a benchmark for an estimation of a QUEST specification. In fact in some dimensions the QUEST model may need to be adjusted to come closer to a DSGE model.
17 citations