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The model incorporates many types of real and nominal frictions and seven types of structural shocks . We show that this model is able to compete with Bayesian Vector Autoregression models in out - of - sample prediction .
The model incorporates many types of real and nominal frictions and seven types of structural shocks . We show that this model is able to compete with Bayesian Vector Autoregression models in out - of - sample prediction .
Página 1104
An interpreta- tion of why people especially dislike structural ignorance about future consumption is that they dread the thickened - left - tail heightened prob- ability of a negative - growth disaster that they find scary , disruptive ...
An interpreta- tion of why people especially dislike structural ignorance about future consumption is that they dread the thickened - left - tail heightened prob- ability of a negative - growth disaster that they find scary , disruptive ...
Página 1105
Broadly speaking , these papers explicitly or implicitly suggest that the need for transient Bayesian learning about structural parameters along the path to a REE may temporarily reduce the degree of one or another asset - return anom- ...
Broadly speaking , these papers explicitly or implicitly suggest that the need for transient Bayesian learning about structural parameters along the path to a REE may temporarily reduce the degree of one or another asset - return anom- ...
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EDMUND S PHELPS | 541 |
O 2 0 2007 | 713 |
ALMA COHEN AND LIRAN EINAV | 745 |
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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