| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 10127739 | Economics Letters | 2018 | 4 Pages |
Abstract
This paper introduces “system priors” into Bayesian econometrics and provides an illustrative application. Unlike priors on individual parameters, system priors offer and efficient way of formulating economically-meaningful priors about model properties. Illustrative example restricts output gap dynamics to business-cycle frequencies.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Michal Andrle, Miroslav Plašil,