Adolfson, Malin; Laseén, Stefan; Lindé, Jesper; … - Sveriges Riksbank - 2008
.010445; the discount factor β =0.999999; the steady state growth rate of productivity μ
z
=1.005455;
the depreciation rate
˜
δ =0 …
∗
t
)
0
.
(3.1)
The growth rates are computed as quarterly log-differences, while the inflation and interest-rate
series …
(that is, the great ratios: C/Y, I/Y,andG/Y). The parameters that we calibrate are set as follows: the money
growth μ =1 …