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According to the textbook Keynesian model, short-run demand for labor is sensitive to the demand for goods. In this view, sellers deviate from setting the marginal product of labor proportional to the...
TESTING MODELS OF LOW-FREQUENCY VARIABILITY
Long memory local-to-unity unit root test stationarity test business cycle frequency heteroskedasticity
2014/3/18
We develop a framework to assess how successfully standard time series models explain low-frequency variability of a data series. The low-frequency information is extracted by computing a finite numbe...
TESTING THE INTERPRETATION OF INDICES IN A MACROECONOMIC INDEX MODEL
TESTING THE INTERPRETATION INDICES MACROECONOMIC INDEX MODEL
2014/3/18
This paper discusses and contrasts different approaches to the construction of dynamic model> containing unobservables. It is argued that some analysis is easy IO cam out wing...