An estimated dynamic stochastic general equilibrium model of the ...

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Graph 7: Preference shock1.210.8yc0.60.50.4pir0.40.3wrk0.60.30.20.40.20.10.200.100-0.20 5 10 15 20-0.10 5 10 15 20-0.10 5 10 15 200.60.50.4pmc0.30.2empllab0.500.30.20.10-0.50.10-0.10 5 10 15 20-0.1-0.20 5 10 15 20-1invezcap-1.50 5 10 15 2044 NBB WORKING PAPER No.35 - October 2002
Graph 8: Investment shock0.50.40.3yc0.20.15pir0.30.20.10.20.100.10.050-0.1-0.2wrk-0.1-0.3-0.20 5 10 15 2000 5 10 15 20-0.40 5 10 15 200.70.6pmc0.350.3empllab2.52invezcap0.50.40.30.20.250.20.150.11.510.50.10.05000 5 10 15 2000 5 10 15 20-0.50 5 10 15 20NBB WORKING PAPER No. 35 - October 2002 45
Page 3 and 4: AbstractThis paper develops and est
Page 5 and 6: TABLE OF CONTENTS:1. INTRODUCTION..
Page 7 and 8: 1. IntroductionIn this paper we pre
Page 9 and 10: shock leads to a gradual increase i
Page 12 and 13: 2.1.2 Labour supply decisions and t
Page 14 and 15: The first-order conditions result i
Page 16 and 17: jt⎛⎜ p− MCtt )⎜⎝Ptp,t(24)
Page 18 and 19: where β = 1/(1−τ+ r k ) . The c
Page 20: price and wages in the absence of t
Page 23 and 24: whereÊ t denotes the number of peo
Page 25 and 26: curve for a normal distribution wit
Page 27 and 28: where p(θ A ) is the prior density
Page 29 and 30: 3.3.2 Comparison of empirical and m
Page 31 and 32: the effects on marginal cost and in
Page 33 and 34: 4.3 Historical decompositionGraphs
Page 35 and 36: very much in response to the variou
Page 37 and 38: estimate of potential output should
Page 39 and 40: Table 1: Parameter estimatesPrior d
Page 41 and 42: Table 3: Variance decompositionC I
Page 43 and 44: 300020001000persistence productivit
Page 46 and 47: Graph 3: Productivity shock (1)0.50
Page 48 and 49: Graph 5: Wage mark-up shock0.050yc0
Page 52 and 53: Graph 9: Equity premium shock0.30.2
Page 54 and 55: Graph 11: Monetary policy shock0-0.
Page 56 and 57: Graph 13: Inflation decomposition -
Page 58 and 59: Graph 16: Labour supply shock: flex
Page 60 and 61: Graph 18: Investment shock: flexibl
Page 62 and 63: Graph 20: Natural Output Gap105Natu
Page 64 and 65: ReferencesAbel A.D. (1990), “Asse
Page 66 and 67: Geweke J. (1999), “Computational
Page 68 and 69: NATIONAL BANK OF BELGIUM - WORKING
Page 70 and 71: 24. "The impact of uncertainty on i

An estimated dynamic stochastic general equilibrium model of the ...

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