Arbeitspapier
Identification versus misspecification in New Keynesian monetary policy models
In this paper, we study identification and misspecification problems in standard closed and open-economy empirical New-Keynesian DSGE models used in monetary policy analysis. We find that problems with model misspecification still appear to be a first-order issue in monetary DSGE models, and argue that it is problems with model misspecification that may benefit the most from moving from a classical to a Bayesian framework. We also argue that lack of identification should neither be ignored nor be assumed to affect all DSGE models. Fortunately, identification problems can be readily assessed on a case-by-case basis, by applying recently developed pre-tests of identification.
- Sprache
-
Englisch
- Erschienen in
-
Series: Sveriges Riksbank Working Paper Series ; No. 362
- Klassifikation
-
Wirtschaft
Estimation: General
Model Construction and Estimation
Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
- Thema
-
Bayesian estimation
Monte-Carlo methods
Maximum Likelihood Estimation
DSGE Model
Closed economy
Open economy
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Adolfson, Malin
Laséen, Stefan
Lindé, Jesper
Ratto, Marco
- Ereignis
-
Veröffentlichung
- (wer)
-
Sveriges Riksbank
- (wo)
-
Stockholm
- (wann)
-
2019
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Adolfson, Malin
- Laséen, Stefan
- Lindé, Jesper
- Ratto, Marco
- Sveriges Riksbank
Entstanden
- 2019
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