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parameters are allowed to evolve over time via an observation-driven updating equation. The estimation of the resulting DSGE …
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Dynamic stochastic general equilibrium (DSGE) models use modern macroeconomic theory to explain and predict comovements …
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Hours per capita measures based on the private sector as usually included in the set of observables for estimating macroeconomic models are affected by low-frequent demographic trends and sectoral shifts that cannot be explained by standard models. Further, model-based output gap estimates are...
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This paper illustrates the importance of consistency between the empirical measurement and the concept of variables in macroeconomic models. Since standard New Keynesian models do not account for demographic trends and sectoral shifts, I propose adjusting hours per capita used to estimate such...
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