Dynamic factor models (DFM) and dynamic stochastic general equilibrium (DSGE) models are widely used for empirical research in macroeconomics. The empirical factor literature argues that the co-movement of large panels of macroeconomic and financial data can be captured by relatively few common...

This study examines the influence of select macroeconomic variables and globalization variables on the volume of patented innovations in five industrialized OECD countries (the U.S., the U.K., Germany, Japan, and Australia) and in five emerging countries known as BRICS (Brazil, Russia, India,...

Los modelos DSGE modernos están microfundamentados, y sus parámetros son estructurales, así que en principio deberían ser invariantes ante cambios de política económica y no estar sujetos a la crítica de Lucas. Pero la literatura ha encontrado que problemas de especificación generan...