| 000 | 01620cam a2200205 4500500 | ||
|---|---|---|---|
| 005 | 20250121053608.0 | ||
| 041 | _afre | ||
| 042 | _adc | ||
| 100 | 1 | 0 |
_aMoyen, Stéphane _eauthor |
| 700 | 1 | 0 |
_a Sahuc, Jean-Guillaume _eauthor |
| 245 | 0 | 0 | _aThe General-Equilibrium Model of the New Synthesis: What Hypotheses Should We Choose? |
| 260 | _c2008. | ||
| 500 | _a1 | ||
| 520 | _aThis article has a twofold purpose. First, it describes the general-equilibrium model of the “new synthesis,” which has rapidly become a true benchmark for macroeconomic analysis in areas such as economic-policy simulation and inflation forecasting. Second, it seeks to identify the contribution of nominal and real rigidities to the good performance of this type of model, using the marginal-likelihood criterion and the inspection of moments of order two. The main results are as follows: (1) the combination of rigid and indexed prices and rigid wages is essential to the quality of the model’s fit to the data; (2) the only hypotheses needed are habit formation for consumption and adjustment costs for investment, the second hypothesis being crucial for reproducing real and nominal dynamics; (3) by introducing strategic complementarity, we can obtain a degree of nominal rigidity closer to that observed on macroeconomic data. | ||
| 690 | _anominal rigidities | ||
| 690 | _areal rigidities | ||
| 690 | _aDSGE models | ||
| 786 | 0 | _nEconomie & prévision | o 183-184 | 2 | 2008-10-13 | p. 15-34 | 0249-4744 | |
| 856 | 4 | 1 | _uhttps://shs.cairn.info/journal-economie-et-prevision-1-2008-2-page-15?lang=en&redirect-ssocas=7080 |
| 999 |
_c468606 _d468606 |
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