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An Estimated Dynamic Stochastic General Equilibrium Model of Taiwanese Economy

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  • Wing Leong Teo

    (National Taiwan University)

Abstract

In this paper, I estimate an open economy DSGE model for the Taiwanese economy. The model features multiple sources of real and nominal rigidities, including price and wage stickiness, investment and bond adjustment costs, as well as incomplete pass-through of exchange rates. Contrary to the usual practice in the literature, monetary policy is modeled as a money supply rule instead of an interest rate rule, to be consistent with the policy regime in Taiwan. The model is estimated using Bayesian techniques. The estimated model is used to characterize monetary policy in Taiwan and assess relative importance of various shocks and frictions in Taiwanese economy

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Bibliographic Info

Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 2006 with number 334.

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Date of creation: 04 Jul 2006
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Handle: RePEc:sce:scecfa:334

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Keywords: DSGE model; Bayesian Structural Estimation; Monetary Policy; Business Cycle;

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