The American Economic Review, Volume 97American Economic Association., 2007 |
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Página 592
... parameters . " A. Prior Distribution of the Parameters The priors on the stochastic processes are harmonized as much as possible . The standard errors of the innovations are assumed to follow an inverse - gamma distribution with a mean ...
... parameters . " A. Prior Distribution of the Parameters The priors on the stochastic processes are harmonized as much as possible . The standard errors of the innovations are assumed to follow an inverse - gamma distribution with a mean ...
Página 593
... parameters describing the monetary pol- icy rule are based on a standard Taylor rule : the long - run reaction on inflation and the output gap are described by a Normal distribution with mean 1.5 and 0.125 ( 0.5 divided by 4 ) and ...
... parameters describing the monetary pol- icy rule are based on a standard Taylor rule : the long - run reaction on inflation and the output gap are described by a Normal distribution with mean 1.5 and 0.125 ( 0.5 divided by 4 ) and ...
Página 1149
... parameters correspond to util- ity terms . As already anticipated , I assume log utility by setting the coefficient of relative risk aversion y to one . Normalizing a unit of time . in the model to correspond to a year , I set the ...
... parameters correspond to util- ity terms . As already anticipated , I assume log utility by setting the coefficient of relative risk aversion y to one . Normalizing a unit of time . in the model to correspond to a year , I set the ...
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agents aggregate American Economic Review analysis assets assume assumption average behavior benchmark Beveridge curve business cycles candidates capital changes choice coefficient cointegration consumer consumption contracts correlation cost of business countercyclical deductible degree distributions distribution durables effect empirical equation equilibrium estimated exchange expected Figure firms function given growth HIP model households implies impulse responses income increase individuals inflation inventory investment investment rate Journal of Economics labor market loss aversion marginal likelihood matching Matthew Rabin ment Michael Woodford monetary policy nodes nomic observed optimal output pairs paper parameters patients percent policy shock post.com preferences procyclical production Proposition random regime relative response risk aversion sample Section sector Shapley value side payments simulations sticky prices stochastic Table theory tion tradable unemployment utility variables variance volatility vouchers wage workers Yangzi Delta