An estimated dynamic stochastic general equilibrium model of the euro area. NBB Working Paper Nr. 35

By Frank Smets, Raf Wouters. 2002

3,757 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/21a0fa1b7ce9ac931b0b63ce1ae92b200e3f89f4

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

Citations in the corpus

Technology Shocks and Aggregate Fluctuations: How Well Does the Real Business Cycle Model Fit Postwar U.S. Data? (2004, positive): “Smets and Wouters (2003a, 2003b) estimate a model with capital accumulation, and both nominal and real rigidities for the European area and the United States.”
Policy Analysis Using DSGE Models: An Introduction (2010, methodology): “Despite the apparent complexity of the process, Taylor (1993) famously demonstrated that it can be reasonably well approximated by assuming that the Federal Reserve raises the federal funds rate when inflation and/or output is “high” with respect to some baseline.”
Can Long-Run Restrictions Identify Technology Shocks? (2005, methodology): “Since our sticky price/wage model is similar to Christiano, Eichenbaum, and Evans (2001) and Smets and Wouters (2003), we provide only a brief account of how it can be derived by modifying the RBC model discussed above.”
The Price Puzzle Revisited: Can the Cost Channel Explain a Rise in Inflation after a Monetary Policy Shock? (2009, methodology): “Both actions are costly in terms of foregone consumption (Smets and Wouters, 2003).”
Credit and Banking in a DSGE model (2009, neutral): “Ja n u ar y 8 th , 2 0 0 9”
Money and the natural rate of interest: structural estimates for the United States and the Euro area (2007, positive): “Smets and Wouters (2003), in estimating a DSGE model of the euro area by Bayesian maximum likelihood, exclude money from the list of variables modeled.”
Sticky Information vs. Sticky Prices: A Horse Race in a DSGE Framework (2003, background): “Yun (1996) assumes indexation to steady state inflation, e.”
The EAGLE: A Model for Policy Analysis of Macroeconomic Interdependence in the Euro Area (2012, neutral): “[20] Smets, F.”
The Pricing Behaviour of Firms in the Euro Area: New Survey Evidence (2005, positive): “24 Smets and Wouters (2003) and Rabanal and Rubio-Ramírez (2005) are two recent examples of papers providing estimates of the average duration of prices.”
Shocks, Structures or Monetary Policies? The Euro Area and US After 2001 (2008, positive): “Finally, our analysis proceeds in the spirit of Smets and Wouters (2003) and others by using Bayesian methods for model estimation and for evaluation of model fit.”
Back to Square One: Identification Issues in DSGE Models (2009, background): “The economy we consider is standard: it features real and nominal frictions, and has been shown to capture well important features both of the US (see Christiano et al., 2005; Dedola and Neri, 2007) and the EU economies (see Smets and Wouters, 2003).”