AN ESTIMATION OF OUTPUT GAP IN ROMANIAN ECONOMY USING THE DSGE APPROACH

被引:0
|
作者
Caraiani, Petre [1 ]
机构
[1] Romanian Acad, Inst Econ Forecasting, Bucharest, Romania
来源
PRAGUE ECONOMIC PAPERS | 2009年 / 18卷 / 04期
关键词
output gap; DSGE models; Bayesian techniques; monetary policy; SHOCKS;
D O I
10.18267/j.pep.360
中图分类号
F [经济];
学科分类号
02 ;
摘要
In this paper I use an open economy DSGE model and estimate it for Romanian economy using Bayesian techniques. Based on estimation I derive a smoothed estimation of the output gap. I compare the results with those from standard procedures to estimate the output gap, the Hodrick Prescott filter, the production function and an unobserved components model. The results show that the DSGE approach can give a better picture of the output gap and it is more consistent with the dynamics of Romanian economy.
引用
收藏
页码:366 / 379
页数:14
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