2期

最新文章

• Sources of macroeconomic fluctuations: A regime-switching DSGE approach AI翻译
  作者：Liu, Zheng; Waggoner, Daniel F.; Zha, Tao
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Emory University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; National Bureau of Economic Research
  摘要：We examine the sources of macroeconomic fluctuations by estimating a variety of richly parameterized DSGE models within a unified framework that incorporates regime switching both in shock variances and in the inflation target. We propose an efficient methodology for estimating regime-switching DSGE models. Our counterfactual exercises show that changes in the inflation target are not the main driving force of high inflation in the 1970s. The model that best fits the U. S. time-series data is ...
• Is distance dying at last? Falling home bias in fixed-effects models of patent citations AI翻译
  作者：Griffith, Rachel; Lee, Sokbae; Van Reenen, John
  作者单位：University of Manchester; Seoul National University (SNU); National Bureau of Economic Research
  摘要：We examine the home bias of knowledge spillovers (the idea that knowledge spreads more slowly over international boundaries than within them) as measured by the speed of patent citations. We present econometric evidence that the geographical localization of knowledge spillovers has fallen over time, as we would expect from the dramatic fall in communication and travel costs. Our proposed estimator controls for correlated fixed effects and censoring in duration models, and we apply it to data o...
• Numerically stable and accurate stochastic simulation approaches for solving dynamic economic models AI翻译
  作者：Judd, Kenneth L.; Maliar, Lilia; Maliar, Serguei
  作者单位：Stanford University; National Bureau of Economic Research; Universitat d'Alacant
  摘要：We develop numerically stable and accurate stochastic simulation approaches for solving dynamic economic models. First, instead of standard least-squares approximation methods, we examine a variety of alternatives, including least-squares methods using singular value decomposition and Tikhonov regularization, least-absolute deviations methods, and principal component regression method, all of which are numerically stable and can handle ill-conditioned problems. Second, instead of conventional ...