Keynesian impulses versus Solow residual
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David N. DeJong; Beth F. Ingram; Charles H. Whiteman
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Article
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2000
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John Wiley and Sons
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English
⚖ 396 KB
We employ a neoclassical business-cycle model to study two sources of business-cycle ¯uctuations: marginal eciency of investment shocks, and total factor productivity shocks. The parameters of the model are estimated using a Bayesian procedure that accommodates prior uncertainty about their magnitud