Evaluating New-Keynesian Models of a Small Open Economy

@article{Giordani2004EvaluatingNM,
  title={Evaluating New-Keynesian Models of a Small Open Economy},
  author={P. Giordani},
  journal={Macroeconomics eJournal},
  year={2004}
}
  • P. Giordani
  • Published 2004
  • Economics
  • Macroeconomics eJournal
We suggest a strategy to evaluate members of a class of New-Keynesian models of a small open economy. As an example, we estimate a modified version of the model in Svensson ["Journal of International Economics" (2000) Vol. 50, pp. 155-183] and compare its impulse response and variance decomposition functions with those a structural vector autoregression (VAR) model. The focus is on responses to foreign rather than to domestic shocks, which facilitates identification. Some results are that US… Expand
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