Further processing options
available via online resource

Economic theories and macroeconomic reality

Saved in:

Bibliographic Details
Authors and Corporations: Loria, Francesca (Author), Matthes, Christian (Author), Wang, Mu-Chun (Author)
Other Authors: Matthes, Christian 1979- [Author] • Wang, Mu-Chun 1979- [Author]
Type of Resource: E-Book
Language: English
Frankfurt am Main Deutsche Bundesbank [2021]
Series: Deutsche Bundesbank: Discussion paper ; no 2021, 56
Source: Verbunddaten SWB
Lizenzfreie Online-Ressourcen
ISBN: 9783957298669
Summary: Economic theories are often encoded in equilibrium models that cannot be directly estimated because they lack features that, while inessential to the theoretical mechanism that is central to the specific theory, would be essential to fit the data well. We propose an econometric approach that confronts such theories with data through the lens of a time series model that is a good description of macroeconomic reality. Our approach explicitly acknowledges misspecificationas well as measurement error. We highlight in two applications that household heterogeneity greatly helps to fit aggregate data, independently of whether or not nominal rigidities are considered.
Physical Description: 1 Online-Ressource (circa 52 Seiten); Illustrationen
ISBN: 9783957298669