In recent years a new consensus has emerged in macroeconomics in general and in model building in particular, the so called New Keynesian Paradigm (NKM). This paper applies Bayesian estimation techniques to a time series data set of the euro area and presents estimates of a DSGE model. The...

Smallholder farmers’ preferences for participation in contract farming may take the form of proportional data-whereby farmers only sell some proportions or fractions of their output to contractors. We analyze determinants for preferences for zero (potential corner solution) and proportional...