haku: @author Söderlind, P. / yhteensä: 6
viite: 6 / 6
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| Tekijä: | Söderlind, P. |
| Otsikko: | Solution and estimation of RE macromodels with optimal policy |
| Lehti: | European Economic Review
1999 : APR, VOL. 43:4-6, p. 813-823 |
| Asiasana: | MODELS MONETARY POLICY METHODOLOGY |
| Kieli: | eng |
| Tiivistelmä: | Macro models of monetary policy typically involve forward looking behaviour. Except in rare circumstances, there is a need to apply some numerical method to find the optimal policy and the rational expectations equilibrium. This paper summarizes a few useful methods, and shows how they can be combined with Kalman filter to estimate the deep model parameters with maximum likelihood. Simulations of a macro model with staggered price setting, interest rate elastic output, and optimal monetary policy illustrate the properties of this estimation approach. |
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