资源描述:
《an estimated canadian dsge model with nominal and real rigidities》由会员上传分享,免费在线阅读,更多相关内容在工程资料-天天文库。
1、AnEstimatedCanadianDSGEModelwithNominalandRealRigiditiesAuthor(s):AliDibSource:TheCanadianJournalofEconomics/Revuecanadienned'Economique,Vol.36,No.4(Nov.,2003),pp.949-972Publishedby:WileyonbehalfoftheCanadianEconomicsAssociationStableURL:http://www.jstor.org/stable/3131808.Accessed:01/06/201315:06
2、YouruseoftheJSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jsp.JSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuilduponawiderangeofcontentinatrusteddigitalarchive.Weuseinformationt
3、echnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org..WileyandCanadianEconomicsAssociationarecollaboratingwithJSTORtodigitize,preserveandextendaccesstoTheCanadianJournalofEconomics/Revuecanadienned'Economique.http://w
4、ww.jstor.orgThiscontentdownloadedfrom194.214.27.178onSat,1Jun201315:06:16PMAllusesubjecttoJSTORTermsandConditionsAnestimatedCanadianDSGEmodelwithnominalandrealrigiditiesAliDibDepartmentofMonetaryandFinancialAnalysis,BankofCanadaAbstract.Wedevelopadynamic,stochastic,general-equilibrium(DSGE)modeldu
5、etoIreland(1997)andothersandestimateitfortheCanadianeconomytoanalysetherealeffectsofmonetarypolicyshocks.Togeneratehighandpersistentrealeffects,themodelcombinesnominalfrictionsintheformofcostlypriceadjustmentwithrealrigiditiesmodelledasconvexcostsofadjustingcapitaland/oremployment.Thestruc-turalpa
6、rametersidentifyingtransmissionchannelsareestimatedeconometricallyusingamaximum-likelihoodprocedurewithaKalmanfilter.Theestimatednominalandrealrigiditiesimpartsubstantialandpersistentrealeffectsfollowingamonetarypolicyshock.Furthermore,theresultssuggestthatthemonetaryauthorityhasaccommodatedtechno
7、logyshocksandhassuccessfullyoffsettherealeffectsofmoney-demandshocks,byactivelyrespondingtotheseshocks.JELclassification:E31,E32,E52Unmodeled'e'quilibregeneraldynamiqueetstochastiquedotederigiditesnominalesetreel