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

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Titel: Stock market wealth effects in an estimated DSGE model for Hong Kong
Författare: Funke, Michael ; Paetz, Michael ; Pytlarczyk, Ernest
Institution: Bank of Finland
Avdelning / Enhet: Institute for Economies in Transition (BOFIT)
Serie: BOFIT Discussion Papers
Serienumber: 14/2009
Utgivningsår: 2009
Utgivningsdatum: 4.10.2009
Publicerad i: Published in Economic Modelling, Vol 28, No 1-2 (2011), pp. 316-334.
Sidor: 43 s.
Nyckelord: mallit; avoin talous; Kiina; osakemarkkinat; osakkeet; varallisuus; hinnat; Bofit-kokoelma; DSGE; Hong Kong
Abstrakt: 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.
Licens: https://helda.helsinki.fi/bof/copyright


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