- New routines for simulating semi-structural models where some equations are
- New routines for simulating semi-structural models where some equations are
specified using the polynomial adjustment costs (PAC) approach, as in
specified using the polynomial adjustment costs (PAC) approach, as in
Angelini et al. (2019). The forward-looking terms of the PAC equations can
the FRB/US model (see Brayton et. al, 2014) and the ECB-BASE model (see
Angelini et al., 2019). The forward-looking terms of the PAC equations can
be computed either using a satellite VAR model, or using full
be computed either using a satellite VAR model, or using full
model-consistent expectations. See the `pac_model` command and the
model-consistent expectations. See the `pac_model` command and the
`pac_expectation` operator.
`pac_expectation` operator.
...
@@ -239,6 +240,7 @@ Dynare 4.7
...
@@ -239,6 +240,7 @@ Dynare 4.7
- Angelini, Bokan, Christoffel, Ciccarelli and Zimic (2019): “Introducing ECB-BASE: The blueprint
- Angelini, Bokan, Christoffel, Ciccarelli and Zimic (2019): “Introducing ECB-BASE: The blueprint
of the new ECB semi-structural model for the euro area”, ECB Working Paper no. 2315
of the new ECB semi-structural model for the euro area”, ECB Working Paper no. 2315
- Born and Pfeifer (2014): “Policy risk and the business cycle”, Journal of Monetary Economics, 68, 68-85.
- Born and Pfeifer (2014): “Policy risk and the business cycle”, Journal of Monetary Economics, 68, 68-85.
- Brayton, Laubach and Reifschneider (2014): “The FRB/US Model: A Tool for Macroeconomic Policy Analysis,” FEDS Notes. Washington: Board of Governors of the Federal Reserve System, https://doi.org/10.17016/2380-7172.0012
- Cuba-Borda, Guerrieri and Iacoviello (2019): “Likelihood evaluation of models with occasionally binding constraints”, Journal of Applied Econometrics, 34(7), 1073-1085
- Cuba-Borda, Guerrieri and Iacoviello (2019): “Likelihood evaluation of models with occasionally binding constraints”, Journal of Applied Econometrics, 34(7), 1073-1085
- Giovannini, Pfeiffer and Ratto (2021): “Efficient and robust inference of models with occasionally binding constraints,” Working Papers 2021-03, Joint Research Centre, European Commission
- Giovannini, Pfeiffer and Ratto (2021): “Efficient and robust inference of models with occasionally binding constraints,” Working Papers 2021-03, Joint Research Centre, European Commission
- Guerrieri and Iacoviello (2015): “OccBin: A toolkit for solving dynamic models with occasionally binding constraints easily,” Journal of Monetary Economics, 70, 22–38.
- Guerrieri and Iacoviello (2015): “OccBin: A toolkit for solving dynamic models with occasionally binding constraints easily,” Journal of Monetary Economics, 70, 22–38.
