文章基本信息

标题：Comparing shocks and frictions in US and euro area business cycles: a Bayesian DSGE approach
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作者：Frank Smets ; Raf Wouters
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2004
出版社：European Central Bank
摘要：This paper estimates a DSGE model with many types of shocks and frictions for both the US and the euro area economy over a common sample period (1974-2002). The structural estimation methodology allows us to investigate whether differences in business cycle behaviour are due to differences in the type of shocks that affect the two economies, differences in the propagation mechanism of those shocks or differences in the way the central bank responds to those economic developments. Our main conclusion is that each of those JEL classification: E1-E3 4 ECB Working Paper Series No. 391 September 2004 characteristics is remarkably similar across both currency areas.
关键词：DSGE models; business cycle fluctuations