An estimated DSGE model for the United Kingdom

Riccardo DiCecio and Edward Nelson

No 2007-006, Working Papers from Federal Reserve Bank of St. Louis

Abstract: We estimate the dynamic stochastic general equilibrium model of Christiano, Eichenbaum, and Evans (2005) on United Kingdom data. Our estimates suggest that price stickiness is a more important source of nominal rigidity in the U.K. than wage stickiness. Our estimates of parameters governing investment behavior are only well behaved when post-1979 observations are included, which reflects government policies until the late 1970s that obstructed the influence of market forces on investment.

Keywords: Equilibrium (Economics) - Mathematical models; Economic policy - Great Britain (search for similar items in EconPapers)
Date: 2007
New Economics Papers: this item is included in nep-cba, nep-dge, nep-eec and nep-mac
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Citations: View citations in EconPapers (59)

Published in Federal Reserve Bank of St. Louis Review, July/August 2007, 89(4), pp. 215-31

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DOI: 10.20955/wp.2007.006

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