An Estimated DSGE Model of the Indian Economy.



Inflation Rate

1


Output

2


Consumption (Aggregate)

2    4    6    8    10


2    4    6    8    10


-1


Nominal Interest Rate


Real Wage


0


0.4

0.2

0


2    4    6    8    10


NK Model---NK Model with FA---2-sector NK Model

Figure 4: Estimated Impulse Responses to a Productivity Shock

Each panel plots the mean response corresponding a positive one standard deviation shock.
Each response is for a 10 quarters (2.5 years) horizon. All DSGE impulse responses are computed
simulating the vector of DSGE model parameters at the posterior mean values reported in Table 3.

47



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