Can the Kydland--Prescott Model Pass the Cogley--Nason Test?
Patrick Fève and
Julien Matheron ()
Working papers from Banque de France
This paper quantitatively evaluates the ability of a Kydland and Prescott type model with permanent technology shocks and labor wedges to reproduce output persistence together with persistent impulse response functions of output to permanent and transitory shocks. When calibrated on US labor market features, this model, in which technology shocks account for the bulk of output fluctuations, successfully passes the Cogley and Nason test.
Keywords: RBC Models; Habit Leisure; Labor Wedges; Output Persistence (search for similar items in EconPapers)
JEL-codes: E32 C52 (search for similar items in EconPapers)
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Working Paper: Can the Kydland-Prescott Model Pass the Cogley-Nason Test? (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:bfr:banfra:125
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