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- W3123284319 abstract "Using a Bayesian likelihood approach, we estimate a dynamic stochastic general equilibrium model for the US economy using seven macro-economic time series. The model incorporates many types of real and nominal frictions and seven types of structural shocks. We show that this model is able to compete with Bayesian Vector Autoregression models in out-of-sample prediction. We investigate the relative empirical importance of the various frictions. Finally, using the estimated model we address a number of key issues in business cycle analysis: What are the sources of business cycle fluctuations? Can the model explain the cross-correlation between output and inflation? What are the effects of productivity on hours worked? What are the sources of the “Great Moderation”?" @default.
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- W3123284319 date "2007-01-01" @default.
- W3123284319 modified "2023-09-23" @default.
- W3123284319 title "Shocks and Frictions in Us Business Cycles: A Bayesian DSGE Approach" @default.
- W3123284319 doi "https://doi.org/10.2139/ssrn.958687" @default.
- W3123284319 hasPublicationYear "2007" @default.
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