Estimation of an open economy DSGE model for Romania. Do nominal and real frictions matter?

Veaceslav Grigoras

No 47, Advances in Economic and Financial Research - DOFIN Working Paper Series from Bucharest University of Economics, Center for Advanced Research in Finance and Banking - CARFIB

Abstract: In this paper we use a medium scale open economy DSGE model developed by Adolfson et al. (2005). Besides authors’ observables we include also one extra observable series (CPI) in the model. Some of the parameters will be calibrated as to match sample’s mean or common values found in literature and others will be etimated on Romania’s data with the help of Bayesian techniques. Next, we specify some alternative scenarios where nominal or real rigidities will be ”turned off” and we asses their importance for the data generating process (with the help of marginal log likelihood).

Keywords: DSGE (search for similar items in EconPapers)
Date: 2010-10
New Economics Papers: this item is included in nep-dge, nep-opm and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.dofin.ase.ro/Working%20papers/Grigoras% ... lav.dissertation.pdf First version, 2010 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cab:wpaefr:47

Access Statistics for this paper

More papers in Advances in Economic and Financial Research - DOFIN Working Paper Series from Bucharest University of Economics, Center for Advanced Research in Finance and Banking - CARFIB Contact information at EDIRC.
Bibliographic data for series maintained by Ciprian Necula ( this e-mail address is bad, please contact ).