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National Repository of Grey Literature 2 records found  Search took 0.01 seconds. 
Measures of potential output from an estimated DSGE model of the United States
 Juillard, Michel ; Kameník, Ondřej ; Kumhof, Michael ; Laxton, Douglas
This paper develops a DSGE model for the United States that features rational inflation inertia and persistence. The model is estimated with Bayesian-estimation techniques and time-varying inflation objectives to account for movements between regimes. After showing that the model produces forecasts that are quite competitive with other methods writers use the forecasts of the model to generate more robust Hodrick-Prescott filter end-of-sample estimates of the output gap.
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An economy in transition and DSGE: What the Czech national bank's new projection model needs
 Beneš, Jaromír ; Hlédik, Tibor ; Kumhof, Michael ; Vávra, David
This paper documents the advances in the ongoing research aimed at developing a DSGE small open economy model designed to capture some of the most important features of the Czech economy—both the business-cycle regularities and the recent developments associated with the economy’s transition and its convergence towards the industrialized European countries. The model in its current form is able to capture trends in relative prices, allow for medium-convergence in expenditure shares, and deal with the undercapitalization and investment inflow issues.
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