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A DSGE Model from the Old Keynesian Economics: An Empirical Investigation

  • Paolo Gelain
  • Marco Guerrazzi

In this paper we estimate a DSGE model built along the lines of the recent Farmer¡¯s micro-foundation of the General Theory. Estimating a simple demand-driven competitive-search model, we test the ability of this new theoretical proposal to match the behaviour of the US and Euro Area labour markets. We show that within a relatively simple model we are able to fairly replicate their salient features, confirming for instance the conventional wisdom according to which the US labour market is more flexible than its Euro Area counterpart. Moreover, we provide an estimation of the not-yet-measured (unobserved) Euro Area job vacancies time series.

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File URL: http://www.st-andrews.ac.uk/economics/CDMA/papers/wp1014.pdf
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Paper provided by Centre for Dynamic Macroeconomic Analysis in its series CDMA Working Paper Series with number 201014.

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Date of creation: 18 Oct 2010
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Handle: RePEc:san:cdmawp:1014
Contact details of provider: Postal: School of Economics and Finance, University of St. Andrews, Fife KY16 9AL
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Fax: 01334 462444
Web page: http://www.st-andrews.ac.uk/cdma
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  1. De Graeve, Ferre, 2008. "The external finance premium and the macroeconomy: US post-WWII evidence," Journal of Economic Dynamics and Control, Elsevier, vol. 32(11), pages 3415-3440, November.
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