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  • The paper is focused on an analysis of model fit of DSGE models following NOEM. Unlike most of the literature on the topic,this paper does not use posterior odds to analyze model fit to data;it uses alternative tools instead. In order to compare the results of the alternative tools to the standard posterior odds ratio, this paper uses the findings of Slanicay and Vašíček (2009)[SV2009],who compared model fit to data of several models with posterior odds. The goal of the paper is to verify the results of SV2009 with different criteria than posterior odds. The tools for the analysis are criteria based on RMSE and tools from the Global Sensitivity Analysis toolbox. Conclusions of this paper are the following: Habit persistence in consumption is found to be important and price indexation unimportant as in SV2009. Furthermore,model variants with exogenous foreign economy always perform better than the ones with structurally modeled foreign economy. This finding is in contradiction to the results of SV2009.
  • The paper is focused on an analysis of model fit of DSGE models following NOEM. Unlike most of the literature on the topic,this paper does not use posterior odds to analyze model fit to data;it uses alternative tools instead. In order to compare the results of the alternative tools to the standard posterior odds ratio, this paper uses the findings of Slanicay and Vašíček (2009)[SV2009],who compared model fit to data of several models with posterior odds. The goal of the paper is to verify the results of SV2009 with different criteria than posterior odds. The tools for the analysis are criteria based on RMSE and tools from the Global Sensitivity Analysis toolbox. Conclusions of this paper are the following: Habit persistence in consumption is found to be important and price indexation unimportant as in SV2009. Furthermore,model variants with exogenous foreign economy always perform better than the ones with structurally modeled foreign economy. This finding is in contradiction to the results of SV2009. (en)
Title
  • Comparing the fit of New Keynesian DSGE models
  • Comparing the fit of New Keynesian DSGE models (en)
skos:prefLabel
  • Comparing the fit of New Keynesian DSGE models
  • Comparing the fit of New Keynesian DSGE models (en)
skos:notation
  • RIV/00216224:14560/10:00044815!RIV11-MSM-14560___
http://linked.open...avai/riv/aktivita
http://linked.open...avai/riv/aktivity
  • P(1M0524), S
http://linked.open...iv/cisloPeriodika
  • 4
http://linked.open...vai/riv/dodaniDat
http://linked.open...aciTvurceVysledku
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http://linked.open...iv/duvernostUdaju
http://linked.open...titaPredkladatele
http://linked.open...dnocenehoVysledku
  • 251358
http://linked.open...ai/riv/idVysledku
  • RIV/00216224:14560/10:00044815
http://linked.open...riv/jazykVysledku
http://linked.open.../riv/klicovaSlova
  • Forecast quality; global Sensitivity Analysis; model fit; Bayesian posterior odds ratio; parameter importance (en)
http://linked.open.../riv/klicoveSlovo
http://linked.open...odStatuVydavatele
  • CZ - Česká republika
http://linked.open...ontrolniKodProRIV
  • [682EC07C094B]
http://linked.open...i/riv/nazevZdroje
  • Ekonomická revue
http://linked.open...in/vavai/riv/obor
http://linked.open...ichTvurcuVysledku
http://linked.open...cetTvurcuVysledku
http://linked.open...vavai/riv/projekt
http://linked.open...UplatneniVysledku
http://linked.open...v/svazekPeriodika
  • 13
http://linked.open...iv/tvurceVysledku
  • Čapek, Jan
issn
  • 1212-3951
number of pages
http://localhost/t...ganizacniJednotka
  • 14560
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