Bayesian Estimation of an Open Economy DSGE Model with Incomplete Pass-Through

摘要: In this paper, we develop a dynamic stochastic general equilibrium (DSGE) model for an open economy, and estimate it on Euro area data using Bayesian estimation techniques. The incorporates several economy features, as well number of nominal real frictions that have proven to be important the empirical fit closed models. paper offers: i) theoretical development standard DSGE into setting, ii) model, including assessments relative importance various shocks explaining iii) evaluation model's properties validation methods.