Stock market wealth effects in an estimated DSGE model for Hong Kong

Show full item record

Title: Stock market wealth effects in an estimated DSGE model for Hong Kong
Author: Funke, Michael ; Paetz, Michael ; Pytlarczyk, Ernest
Organization: Bank of Finland
Department / Unit: Institute for Economies in Transition (BOFIT)
Series: BOFIT Discussion Papers
Series number: 14/2009
Year of publication: 2009
Publication date: 4.10.2009
Published in: Published in Economic Modelling, Vol 28, No 1-2 (2011), pp. 316-334.
Pages: 43 s.
Keywords: mallit; avoin talous; Kiina; osakemarkkinat; osakkeet; varallisuus; hinnat; Bofit-kokoelma; DSGE; Hong Kong
Abstract: This paper develops and estimates an open economy dynamic stochastic general equilibrium (DSGE) model of the Hong Kong economy. The model features short-run price rigidities generated by monopolistic competition and staggered reoptimisation. The model is enhanced with wealth effects due to stock price dynamics, which we believe to be important. For this reason we adopt a perpetual youth approach. Model parameters and unobserved components are estimated with a Bayesian maximum likelihood procedure, conditional on prior information concerning the values of parameters.
Rights: https://helda.helsinki.fi/bof/copyright


Files in this item

Total number of downloads: Loading...

Files Size Format View
164727.pdf 799.7Kb PDF View/Open

This item appears in the following Collection(s)

Show full item record