Methods versus substance: Measuring the effects of technology shocks

José-Víctor Ríos-Rull, Frank Schorfheide, Cristina Fuentes-Albero, Maxym Kryshko and Raul Santaeulalia-Llopis ()

Journal of Monetary Economics, 2012, vol. 59, issue 8, 826-846

Abstract: Calibration and modern (Bayesian) estimation methods for a neoclassical stochastic growth model are applied to make the case that the identification of key parameters, rather than quantitative methodologies per se, is responsible for empirical findings. For concreteness, the model is used to measure the contributions of technology shocks to the business cycle fluctuations of hours worked and output. Along the way, new insights are provided in the parameter identification associated with likelihood-based estimation, the sensitivity of likelihood-based estimation to the choice of structural shocks is assessed, and Bayesian model averaging is used to aggregate findings obtained from different DSGE model specifications.

Date: 2012
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Citations: View citations in EconPapers (55)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:moneco:v:59:y:2012:i:8:p:826-846

DOI: 10.1016/j.jmoneco.2012.10.008

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