کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
964564 | 930564 | 2008 | 27 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Estimating a dynamic stochastic general equilibrium model for Japan
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
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چکیده انگلیسی
We estimate a medium-scale dynamic stochastic general equilibrium model of the Japanese economy following Christiano et al. [Christiano, L., Eichenbaum, M., Evans, C., 2005. Nominal rigidities and the dynamic effects of a shock to monetary policy. J. Polit. Economy 113 (1), 1-45]. By using actual capital utilization data and modifying the formulation of utilization following Greenwood et al. [Greenwood, J., Hercowitz, Z., Huffmann, G.W., 1988. Investment, capacity utilization, and the real business cycle. Amer. Econ. Rev. 78 (3), 402-417], this paper succeeds in incorporating a negative correlation between capital utilization and rental costs to explain actual capital utilization rates. We find that an investment adjustment cost shock is as important as a productivity shock that affects business cycles. We also find hump-shaped and persistent behavior of inflation rates in response to a monetary policy shock, which Christiano et al. cast doubt upon. J. Japanese Int. Economies 22 (4) (2008) 476-502.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of the Japanese and International Economies - Volume 22, Issue 4, December 2008, Pages 476-502
Journal: Journal of the Japanese and International Economies - Volume 22, Issue 4, December 2008, Pages 476-502
نویسندگان
Tomohiro Sugo, Kozo Ueda,