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150128 ||| eng |
| 020 |
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|a 9781484318379
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| 100 |
1 |
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|a Andrle, Michal
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| 245 |
0 |
0 |
|a System Priors
|b Formulating Priors about DSGE Models' Properties
|c Michal Andrle, Jaromir Benes
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2013
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| 300 |
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|a 26 pages
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| 653 |
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|a Econometric Modeling: General
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| 653 |
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|a Labour
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| 653 |
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|a Monetary economics
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| 653 |
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|a Inflation targeting
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| 653 |
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|a Computable and Other Applied General Equilibrium Models
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| 653 |
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|a Dynamic stochastic general equilibrium models
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| 653 |
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|a Labor
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| 653 |
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|a Econometric models
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| 653 |
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|a Labor Economics: General
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Monetary policy
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| 653 |
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|a Econometrics
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| 653 |
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|a Econometrics & economic statistics
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| 653 |
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|a Monetary Policy
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Income economics
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| 653 |
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|a Labor economics
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| 700 |
1 |
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|a Benes, Jaromir
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781484318379.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2013/257/001.2013.issue-257-en.xml?cid=41155-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a This paper proposes a novel way of formulating priors for estimating economic models. System priors are priors about the model's features and behavior as a system, such as the sacrifice ratio or the maximum duration of response of inflation to a particular shock, for instance. System priors represent a very transparent and economically meaningful way of formulating priors about parameters, without the unintended consequences of independent priors about individual parameters. System priors may complement or also substitute for independent marginal priors. The new philosophy of formulating priors is motivated, explained and illustrated using a structural model for monetary policy
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