Estimation of an open economy DSGE model for Romania. Do nominal and real frictions matter?
AbstractIn this paper we use a medium scale open economy DSGE model developed by Adolfson et al. (2005). Besides authors’ observables we include also one extra observable series (CPI) in the model. Some of the parameters will be calibrated as to match sample’s mean or common values found in literature and others will be etimated on Romania’s data with the help of Bayesian techniques. Next, we specify some alternative scenarios where nominal or real rigidities will be ”turned off” and we asses their importance for the data generating process (with the help of marginal log likelihood).
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Bibliographic InfoPaper provided by Bucharest University of Economics, Center for Advanced Research in Finance and Banking - CARFIB in its series Advances in Economic and Financial Research - DOFIN Working Paper Series with number 47.
Date of creation: Oct 2010
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-10-23 (All new papers)
- NEP-DGE-2010-10-23 (Dynamic General Equilibrium)
- NEP-OPM-2010-10-23 (Open Economy Macroeconomics)
- NEP-TRA-2010-10-23 (Transition Economics)
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