Identification Problems in SDGE Models with an illustration to a small Macro model
AbstractWe study identification in a class of linear rational expectations models. For any given exactly identified model, we provide an algorithm that generates a class of equivalent models that have the same reduced form. We use our algorithm to show that a model proposed by Jess Benhabib and Roger Farmer is observationally equivalent to the standard new-Keynesian model when observed over a single policy regime. However, the two models have different implications for the design of an optimal policy rule
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Bibliographic InfoPaper provided by Society for Computational Economics in its series Computing in Economics and Finance 2006 with number 81.
Date of creation: 04 Jul 2006
Date of revision:
Identification; SDGE models;
Find related papers by JEL classification:
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SFB649DP2008-060, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
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