How Deep Are the Deep Parameters?

Filippo 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: C13 C20 C22 (search for similar items in EconPapers)
Pages: 50 pages
Date: 1999
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Citations: View citations in EconPapers (1)

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Related works:
Journal Article: How Deep are the Deep Parameters? (2002)
Working Paper: How deep are the deep parameters? (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:fth:banita:354

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