A Note on the Role of the Natural Condition of Control in the Estimation of DSGE Models

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F68407700%3A21230%2F11%3A00185569" target="_blank" >RIV/68407700:21230/11:00185569 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
A Note on the Role of the Natural Condition of Control in the Estimation of DSGE Models
Original language description
This paper is written by authors from the technical and economic fields who are motivated to find a common language and views on the problem of the optimal use of information in model estimation. The center of our interest is the natural condition of control - a common assumption in Bayesian estimation in the technical sciences, and one which may be violated in economic applications. In estimating dynamic stochastic general equilibrum (DSGE) models, typically only a subset of endogenous variables is treated as measured even if additional data sets are available. The natural condition of control dictates the exploitation of all available information, which improves model adaptability and estimate efficiency. We illustrate our points on a basic RBC model.
Czech name
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Czech description
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Type
J<sub>x</sub> - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
CEP classification
BC - Theory and management systems
OECD FORD branch
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Project
<a href="/en/project/GA102%2F08%2F0442" target="_blank" >GA102/08/0442: Feasible approximations of dual control strategies</a><br>
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Publication year
2011
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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