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

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dc.contributor Bank of Finland Funke, Michael Paetz, Michael Pytlarczyk, Ernest 2014-09-22T08:00:24Z 2014-09-22T08:00:24Z 2009
dc.identifier.isbn 978-952-462-983-6
dc.identifier.issn 1456-5889
dc.description.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.
dc.format.extent 43 s.
dc.language.iso eng
dc.relation.ispartofseries BOFIT Discussion Papers
dc.subject mallit
dc.subject avoin talous
dc.subject Kiina
dc.subject osakemarkkinat
dc.subject osakkeet
dc.subject varallisuus
dc.subject hinnat
dc.subject SP
dc.subject RP
dc.subject RP ST
dc.subject Bofit-kokoelma
dc.subject DSGE
dc.subject Hong Kong
dc.title Stock market wealth effects in an estimated DSGE model for Hong Kong
dc.type Sarjajulkaisu
dc.identifier.urn URN:NBN:fi:bof-201408072196 BOFIT Discussion Papers
dc.series.year 2009
dc.series.number 14/2009
dc.series.sortingnumber 14 4.10.2009
dc.identifier.doi 10.1016/j.econmod.2010.08.016
dc.contributor.orgunit Institute for Economies in Transition (BOFIT)
dc.description.publication Published in Economic Modelling, Vol 28, No 1-2 (2011), pp. 316-334.

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