A Time Series Approach to a Structural Model of the Swiss Economy
نویسنده
چکیده
We use a vintage capital production function to model investment in Switzerland. A special feature is the use of survey data to map observable data on latent variables. In addition, a labour market is modelled. This results in a fairly complicated model structure and so far estimation required ad hoc assumptions and calibration. In contrast to that this paper links the theoretical framework given by the structural model to a multivariate time series representation of the relationships, for which standard estimation procedures (Pesaran et al., 2000) and specification tests are available. The outcomes are improved forecasts and a zero-productivity-growth puzzle.
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