1,721,128 research outputs found
DSGE models in the frequency domain
No full textWe use frequency domain techniques to estimate a medium-scale DSGE model on different frequency bands. We show that goodness of fit, forecasting performance and parameter estimates vary substantially with the frequency bands over which the model is estimated.
Estimates obtained using subsets of frequencies are characterized by significantly different parameters, an indication that the model cannot match all frequencies with one set of parameters. In particular, we find that: i) the low frequency properties of the data strongly affect parameter estimates obtained in the time domain; ii) the importance of economic frictions in the model changes when different subsets of frequencies are used in estimation.
This is particularly true for the investment cost friction and habit persistence: when low frequencies are present in the estimation, the investment cost friction and habit persistence are estimated to be higher than when low frequencies are absent
La trasmissione della politica monetaria nell'Unione monetaria Europea: un'analisi fattoriale
No full textIn questo articolo studiamo l'effetto di shock monetari comuni europei, modellati come shock monetari tedeschi, sulle diverse nazioni partecipanti all'Unione Monetaria Europea. Vista la peculiarità della domanda che ci poniamo, mostreremo che le tecniche standard (modelli VAR) non sono appropriate. Proporremo l'utilizzo di modelli a fattori dinamici, in grado di superare le limitazioni di cui sopra. I risultati mostrano che le nazioni più sensibili a shock monetari comuni europei sono quelle in cui i settori interest-sensitive hanno un peso maggiore: Germania e Spagna
Back to square one: identification issues in DSGE models
No full textWe investigate identification issues in DSGE models and their consequences for parameter estimation and model evaluation when the objective function measures the distance between estimated and model-based impulse responses. Observational equivalence, partial and weak identification problems are widespread and typically produced by an ill-behaved mapping between the structural parameters and the coefficients of the solution. Different objective functions affect identification and small samples interact with parameters identification. Diagnostics to detect identification deficiencies are provided and applied to a widely used model
The international dimension of inflation: evidence from disaggregated consumer price data
No full textWe estimate the contribution of international common factors to the dynamics of price inflation rates of a cross-section of 948 CPI products in four OECD countries: US, Germany, France, and UK. We find two main results. First, on average, and at least in the sample 1991-2004, one international common factor explains between 15 and 30 percent of the variance of consumer prices (depending on the transformation applied to the data). Given the high level of disaggregation of our panel, this estimate is best viewed as a lower bound for the contribution of international factors to inflation dynamics. Second, we find a strongly positive and statistically significant relationship between exposure of consumer inflation to international shocks and trade openness at the sectoral level. The latter result holds regardless of whether the original data are expressed in local as opposed to common currency
The Dynamic Clamp Technique: A Robust Toolkit for Investigating Potassium Channel Function
No full text: The dynamic clamp technique has emerged as a powerful tool in the field of cardiac electrophysiology, enabling researchers to investigate the intricate dynamics of ion currents in cardiac cells. Potassium channels play a critical role in the functioning of cardiac cells and the overall electrical stability of the heart. This chapter provides a comprehensive overview of the methods and applications of dynamic clamp in the study of key potassium currents in cardiac cells. A step-by-step guide is presented, detailing the experimental setup and protocols required for implementing the dynamic clamp technique in cardiac cell studies. Special attention is given to the design and construction of a dynamic clamp setup with Real Time eXperimental Interface, configurations, and the incorporation of mathematical models to mimic ion channel behavior. The chapter's core focuses on applying dynamic clamp to elucidate the properties of various potassium channels in cardiac cells. It discusses how dynamic clamp can be used to investigate channel kinetics, voltage-dependent properties, and the impact of different potassium channel subtypes on cardiac electrophysiology. The chapter will also include examples of specific dynamic clamp experiments that studied potassium currents or their applications in cardiac cells
When expectations of technological change in the economy are noisy signals
Full text linkThese expectations, or 'animal spirits', explain much of the volatility in investment, consumption and GDP, write Luca Sala, Luca Gambetti, Mario Forni and Marco Lipp
Asymmetric effects of news through uncertainty
Full text linkBad news about future economic developments have larger effects than good news.
The result is obtained by means of a simple nonlinear approach based on SVAR and
SVARX models. We interpret the asymmetry as arising from the uncertainty surrounding economic events whose effects are not perfectly predictable. Uncertainty
generates adverse effects on the economy, amplifying the effects of bad news and
mitigating the effects of good news
Downside and upside uncertainty shocks
No full textAn increase in uncertainty is not contractionary per se . What is contractionary is a widening of the left tail of the GDP growth forecast distribution, the downside uncertainty. On the contrary, an increase of the right tail, the upside uncertainty, is mildly expansionary. The reason why uncertainty shocks have been previously found to be contractionary is because movements in downside uncertainty dominate existing empirical measures of uncertainty. The results are obtained using a new econometric approach that combines quantile regressions and structural vector autoregressions (VARs)
No News in Business Cycles
No full textA structural factor-augmented VAR model is used to evaluate the role of ‘news shocks’ in generating the business cycle. We find that existing small-scale VAR models are affected by ‘non-fundamentalness’ and therefore fail to recover the correct shock and impulse response functions; news shocks have a smaller role in explaining the business cycle than previously found in the literature; their effects are essentially in line with what predicted by standard theories and a substantial fraction of business cycle fluctuations are explained by shocks unrelated to technology
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