System Priors : Formulating Priors about DSGE Models' Properties /

This paper proposes a novel way of formulating priors for estimating economic models. System priors are priors about the model's features and behavior as a system, such as the sacrifice ratio or the maximum duration of response of inflation to a particular shock, for instance. System priors rep...

Πλήρης περιγραφή

Λεπτομέρειες βιβλιογραφικής εγγραφής
Κύριος συγγραφέας: Andrle, Michal
Άλλοι συγγραφείς: Benes, Jaromir
Μορφή: Επιστημονικό περιοδικό
Γλώσσα:English
Έκδοση: Washington, D.C. : International Monetary Fund, 2013.
Σειρά:IMF Working Papers; Working Paper ; No. 2013/257
Θέματα:
Διαθέσιμο Online:Full text available on IMF
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100 1 |a Andrle, Michal. 
245 1 0 |a System Priors :   |b Formulating Priors about DSGE Models' Properties /  |c Michal Andrle, Jaromir Benes. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2013. 
300 |a 1 online resource (26 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a This paper proposes a novel way of formulating priors for estimating economic models. System priors are priors about the model's features and behavior as a system, such as the sacrifice ratio or the maximum duration of response of inflation to a particular shock, for instance. System priors represent a very transparent and economically meaningful way of formulating priors about parameters, without the unintended consequences of independent priors about individual parameters. System priors may complement or also substitute for independent marginal priors. The new philosophy of formulating priors is motivated, explained and illustrated using a structural model for monetary policy. 
538 |a Mode of access: Internet 
650 7 |a Demand Shock  |2 imf 
650 7 |a Monetary Policy  |2 imf 
650 7 |a Normal Distribution  |2 imf 
650 7 |a Sacrifice Ratio  |2 imf 
650 7 |a WP  |2 imf 
700 1 |a Benes, Jaromir. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2013/257 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2013/257/001.2013.issue-257-en.xml  |z IMF e-Library