The behaviour of the Romanian economy analysed based on a dynamic stochastic general equilibrium model

The behaviour of the Romanian economy analysed based on a dynamic stochastic general equilibrium model

This paper aims to reveal the dynamic behaviour of the Romanian economy over a period of 14 and a half years, from 2000Q1 to 2014Q2, considering the stochastic action of 20 structural shocks. The study is based on a well-known dynamic stochastic general equilibrium model developed for the Swedish ec...

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Main Author: Oana Simona Hudea
Format: Article
Language:English
Published: Taylor & Francis Group 2019-01-01
Series:Ekonomska Istraživanja
Subjects:
dsge models
bayesian analysis
markov chains
structural shocks
price stickiness
wage stickiness
Online Access:http://dx.doi.org/10.1080/1331677X.2019.1640624
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spelling doaj-cb106ce1006846659ff25566196ba7652020-11-25T03:32:11ZengTaylor & Francis GroupEkonomska Istraživanja1331-677X1848-96642019-01-013211645166610.1080/1331677X.2019.16406241640624The behaviour of the Romanian economy analysed based on a dynamic stochastic general equilibrium modelOana Simona Hudea0University of BucharestThis paper aims to reveal the dynamic behaviour of the Romanian economy over a period of 14 and a half years, from 2000Q1 to 2014Q2, considering the stochastic action of 20 structural shocks. The study is based on a well-known dynamic stochastic general equilibrium model developed for the Swedish economy, which is adjusted to allow the author to capture the essential characteristics of the target country. Subsequent to the selection of the equations to be implemented for the effective estimation, the calibration of several parameters and the setting of the prior distributions for others, a Monte Carlo Markov Chains method is used, namely the Metropolis–Hastings algorithm, in order to reveal the overall results of the estimation process, thereafter properly construed considering their manifestation context.http://dx.doi.org/10.1080/1331677X.2019.1640624dsge modelsbayesian analysismarkov chainsstructural shocksprice stickinesswage stickiness
collection DOAJ
language English
format Article
sources DOAJ
author Oana Simona Hudea
spellingShingle Oana Simona Hudea
The behaviour of the Romanian economy analysed based on a dynamic stochastic general equilibrium model
Ekonomska Istraživanja
dsge models
bayesian analysis
markov chains
structural shocks
price stickiness
wage stickiness
author_facet Oana Simona Hudea
author_sort Oana Simona Hudea
title The behaviour of the Romanian economy analysed based on a dynamic stochastic general equilibrium model
title_short The behaviour of the Romanian economy analysed based on a dynamic stochastic general equilibrium model
title_full The behaviour of the Romanian economy analysed based on a dynamic stochastic general equilibrium model
title_fullStr The behaviour of the Romanian economy analysed based on a dynamic stochastic general equilibrium model
title_full_unstemmed The behaviour of the Romanian economy analysed based on a dynamic stochastic general equilibrium model
title_sort behaviour of the romanian economy analysed based on a dynamic stochastic general equilibrium model
publisher Taylor & Francis Group
series Ekonomska Istraživanja
issn 1331-677X
1848-9664
publishDate 2019-01-01
description This paper aims to reveal the dynamic behaviour of the Romanian economy over a period of 14 and a half years, from 2000Q1 to 2014Q2, considering the stochastic action of 20 structural shocks. The study is based on a well-known dynamic stochastic general equilibrium model developed for the Swedish economy, which is adjusted to allow the author to capture the essential characteristics of the target country. Subsequent to the selection of the equations to be implemented for the effective estimation, the calibration of several parameters and the setting of the prior distributions for others, a Monte Carlo Markov Chains method is used, namely the Metropolis–Hastings algorithm, in order to reveal the overall results of the estimation process, thereafter properly construed considering their manifestation context.
topic dsge models
bayesian analysis
markov chains
structural shocks
price stickiness
wage stickiness
url http://dx.doi.org/10.1080/1331677X.2019.1640624
work_keys_str_mv AT oanasimonahudea thebehaviouroftheromanianeconomyanalysedbasedonadynamicstochasticgeneralequilibriummodel
AT oanasimonahudea behaviouroftheromanianeconomyanalysedbasedonadynamicstochasticgeneralequilibriummodel
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