STRUCTURAL INFERENCE WITH LONG-RUN RECURSIVE EMPIRICAL MODELS
نویسندگان
چکیده
منابع مشابه
Structural Inference With Long-run Recursive Empirical Models
This paper investigates conditions under which empirical models that use long-run recursive identifying assumptions will obtain structural impulse response functions. I present a class of structures defined as long-run partially recursive. If an economic structure falls into this class, then certain long-run recursive empirical models are able to identify some of the structural responses. This ...
متن کاملExchange Rates Dynamics with Long-Run Risk and Recursive Preferences
Standard macro models cannot explain why real exchange rates are volatile and disconnected from macro aggregates. Recent research argues that models with persistent growth rate shocks and recursive preferences can solve that puzzle. I show that this result is highly sensitive to the structure of financial markets. When just a bond is traded internationally, then long-run risk generates insuffic...
متن کاملFast Exact Inference for Recursive Cardinality Models
Cardinality potentials are a generally useful class of high order potential that affect probabilities based on how many of D binary variables are active. Maximum a posteriori (MAP) inference for cardinality potential models is well-understood, with efficient computations taking O(D log D) time. Yet efficient marginalization and sampling have not been addressed as thoroughly in the machine learn...
متن کاملSemantics and Inference for Recursive Probability Models
In recent years, there have been several proposals that extend the expressive power of Bayesian networks with that of relational models. These languages open the possibility for the specification of recursive probability models, where a variable might depend on a potentially infinite (but finitely describable) set of variables. These models are very natural in a variety of applications, e.g., i...
متن کاملStructural Change with Long-run Income and Price Effects
We present a new multi-sector growth model that features nonhomothetic, constantelasticity-of-substitution preferences, and accommodates long-run demand and supply drivers of structural change. The model generates a log-linear relationship between relative sectoral demand and real income, implying non-vanishing nonhomotheticities for all income levels. The model is consistent with the decline i...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Macroeconomic Dynamics
سال: 2002
ISSN: 1365-1005,1469-8056
DOI: 10.1017/s1365100502031048