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- Title
EMPIRICAL PROPERTIES OF CLOSED- AND OPEN-ECONOMY DSGE MODELS OF THE EURO AREA.
- Authors
ADOLFSON, MALIN; LASÉEN, STEFAN; LINDÉ, JESPER; VILLANI, MATTIAS
- Abstract
In this paper, we compare the empirical properties of closed- and open-economy DSGE models estimated on Euro area data. The comparison is made along several dimensions; we examine the models in terms of their marginal likelihoods, forecasting performance, variance decompositions, and their transmission mechanisms of monetary policy.
- Subjects
EUROPE; GENERAL equilibrium theory (Economics); MACROECONOMICS; CENTRAL banking industry; ECONOMIC forecasting; FOREIGN exchange rates; WORKING capital
- Publication
Macroeconomic Dynamics, 2008, Vol 12, Issue S1, p2
- ISSN
1365-1005
- Publication type
Article
- DOI
10.1017/S1365100507070101