Table 2: Estimation with Inferred Static Gap: Macroeconomic Data
|
Data |
Driving force ρ (annual) |
Increase in R2 |
|
BLS, as in CE (1993) |
0.13 | |
|
Sim. Quadr. Adj. |
1.00 |
0.00 |
|
Sim. Quadr. Adj., |
0.75a |
0.01 |
|
Sim. Quadr. Adj. as in CW (2001) |
0.47 |
0.03 |
|
Sim. Quadr. Adj., as in CW (2004) |
____________0.28____________ |
0.05 |
‘Increase in R2’ denotes the difference between the R2 obtained when estimating a model with a non-
constant hazard and the R2 when imposing a constant hazard, in both cases using the methodology in CE
(1993). ‘Sim. Quadr. Adj.’ stands for ‘Simulated Quadratic Adjustment’.
aThis value of ρ is somewhat below both the value in the driving force used in CE and the values used when
calibrating RBC models (see Cooley and Prescott, 1995).
12
More intriguing information
1. Achieving the MDGs – A Note2. The role of statin drugs in combating cardiovascular diseases
3. THE CO-EVOLUTION OF MATTER AND CONSCIOUSNESS1
4. EXPANDING HIGHER EDUCATION IN THE U.K: FROM ‘SYSTEM SLOWDOWN’ TO ‘SYSTEM ACCELERATION’
5. The Impact of Minimum Wages on Wage Inequality and Employment in the Formal and Informal Sector in Costa Rica
6. THE ANDEAN PRICE BAND SYSTEM: EFFECTS ON PRICES, PROTECTION AND PRODUCER WELFARE
7. THE CHANGING STRUCTURE OF AGRICULTURE
8. The name is absent
9. Tourism in Rural Areas and Regional Development Planning
10. Examining the Regional Aspect of Foreign Direct Investment to Developing Countries