EMPIRICAL PROPERTIES OF CLOSED- AND OPEN-ECONOMY DSGE MODELS OF THE EURO AREA

Malin Adolfson (), Las?en, Stefan, Lind?, Jesper and Mattias Villani

Macroeconomic Dynamics, 2008, vol. 12, issue S1, pages 2-19

Abstract: In this paper, we compare the empirical properties of closed- and open-economy DSGE models estimated on Euro area data. The comparison is made along several dimensions; we examine the models in terms of their marginal likelihoods, forecasting performance, variance decompositions, and their transmission mechanisms of monetary policy.

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