Methods versus substance: Measuring the effects of technology shocks
成果类型：
Article
署名作者：
Rios-Rull, Jose-Victor; Schorfheide, Frank; Fuentes-Albero, Cristina; Kryshko, Maxym; Santaeulalia-Llopis, Raul
署名单位：
University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; University of Pennsylvania; Rutgers University System; Rutgers University New Brunswick; International Monetary Fund; Washington University (WUSTL)
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.10.008
发表日期：
2012
页码：
826-846
关键词：
摘要：
Calibration and modern (Bayesian) estimation methods for a neoclassical stochastic growth model are applied to make the case that the identification of key parameters, rather than quantitative methodologies per se, is responsible for empirical findings. For concreteness, the model is used to measure the contributions of technology shocks to the business cycle fluctuations of hours worked and output. Along the way, new insights are provided in the parameter identification associated with likelihood-based estimation, the sensitivity of likelihood-based estimation to the choice of structural shocks is assessed, and Bayesian model averaging is used to aggregate findings obtained from different DSGE model specifications. (C) 2012 Elsevier B.V. All rights reserved.
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