Data for: Firm-specific capital, inflation persistence and the sources of business cycles
| Main Author: | Madeira, João |
|---|---|
| Format: | Dataset |
| Terbitan: |
Mendeley
, 2016
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| Subjects: | |
| Online Access: |
https:/data.mendeley.com/datasets/vztsv8rgpm |
Daftar Isi:
- Abstract of associated article: This paper estimates a firm-specific capital DSGE model. Firm-specific capital improves the fit of DSGE models to the data (as shown by a large increase in the value of the log marginal likelihood). This results from a lower implied estimate of the NKPC slope for a given degree of price stickiness. Firm-specific capital leads to a better fit to the volatilities of macro variables and a greater persistence of inflation. It is also shown that firm-specific capital reduces the dependence of New Keynesian models on price markup shocks and that it increases the persistence of output to monetary shocks.