An Estimated DSGE Model of the Indian Economy.



Standard Deviation

Model

Output Inflation Interest rate

Investment

Data

2.06      0.48         0.92

8.47

NK Model

2.87      0.38_________0.64

8.51

Cross-correlation with Output

Data

1.00      -0.02         0.14

0.56

NK Model

1.00      0.38_________0.40

0.73

Autocorrelations (Order=1)

Data

0.91      0.85         0.94

0.95

NK Model

0.96      0.70_________0.91

0.96

Table 4: Selected Second Moments - US Economy

All the second moments are theoretical moments computed from the model solutions (order of
approximation = 1). The results are based on the models’ posterior distribution.

Standard Deviation

Model

Output

Inflation

Interest rate

Investment

Data

1.22

0.97

1.93

5.30

NK Model

2.02

1.04

1.41

7.59

NK Model with FA

2.42

1.02

1.76

8.37

2-sector NK Model

1.59

0.97

1.84

7.80

Cross-correlation with Output

Data

1.00

0.11

0.32

0.42

NK Model 1

1.00

0.27

0.05

0.50

NK Model with FA

1.00

0.14

0.44

0.46

2-sector NK Model

1.00

0.18

0.31

0.29

Autocorrelations (Order

=1)

Data

0.44

0.13

0.83

0.88

NK Model

0.74

0.05

0.71

0.96

NK Model with FA

0.79

-0.23

0.82

0.96

2-sector NK Model

0.70

-0.11

0.88

0.93

Table 5: Selected Second Moments - Indian Economy

44



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