How Deep Are the Deep Parameters?

F. Altissimo, Stefano Siviero () and Daniele Terlizzese ()

Working Papers from Banca Italia - Servizio di Studi

Abstract: Policy evaluation based on the estimation of dynamic stochastic general equilibrium models with aggregate macroeconomic time series rests on the assumption that a representative agent can be identified, whose behavioural parameters are independent of the policy rules. Building on earlier work by Geweke, the main goal of this paper is to show that the representative agent is in general not structural in the sens that its estimated behavioural parameters are not policy-indenpente.

Keywords: EVALUATION; ECONOMIC MODELS; TIME SERIES (search for similar items in EconPapers)
JEL-codes: C20 C22 C13 (search for similar items in EconPapers)
Date: 1999
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