An estimated Canadian DSGE model with nominal and real rigidities推荐.pdfVIP

An Estimated Canadian DSGE Model with Nominal and Real Rigidities Author(s): Ali Dib Source: The Canadian Journal of Economics / Revue canadienne dEconomique, Vol. 36, No. 4 (Nov., 2003), pp. 949-972 Published by: Wiley on behalf of the Canadian Economics Association Stable URL: /stable/3131808 . Accessed: 01/06/2013 15:06 Your use of the JSTOR archive indicates your acceptance of the Terms Conditions of Use, available at . /page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@. . Wiley and Canadian Economics Association are collaborating with JSTOR to digitize, preserve and extend access to The Canadian Journal of Economics / Revue canadienne dEconomique. This content downloaded from 78 on Sat, 1 Jun 2013 15:06:16 PM All use subject to JSTOR Terms and Conditions An estimatedCanadianDSGE model with nominal and real rigidities Ali Dib Department of Monetary and Financial Analysis, Bank of Canada Abstract. We develop a dynamic, stochastic, general-equilibrium (DSGE) model due to Ireland (1997) and others and estimate it for the Canadian economy to analyse the real effects of monetary policy shocks. To generate high and persistent real effects, the model combines nominal frictions in the form of costly price adjustment with real rigidities modelled as convex costs of adjusting capital and/or employment. The struc- tural parameters identifying transmission channels are estimated econometrically using a maximum-likelihood procedure with a Kalman filter. The estimated