Titlebook: Inflation versus Price-Level Targeting; Bayesian Estimation Lukas Heim Book 2015 Springer Fachmedien Wiesbaden 2015 Bayesian Estimation.Co

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https://doi.org/10.1007/978-3-658-08228-4Bayesian Estimation; Comparison of Inflation and Price-Level Targeting; DSGE-Modell; Monetary Policy; Mo

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Description of the Model,The following model mainly follows Galí and Monacelli (2005) and Monacelli (2005). It is the standard DSGE model of an open economy with microfoundations. The model is extended by external habit formation, labor market imperfections, incomplete asset markets, indexation of prices and various stochastic shocks.

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Bayesian Estimation of the Parameters,The Bayesian analysis of the derived model is mainly based on Schorfheide (2000) such as An and Schorfheide (2007). The parameters of the DSGE model are estimated with a mixture of information contained in the data and prior beliefs about the distribution of the parameters.

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Conclusion,The results of this thesis are based on a standard small open DSGE model á la Monacelli (2005) and Galí and Monacelli (2005) with various extensions, such as wage stickiness and habit formation. The monetary policy rule of the domestic economy is distinguished in two cases: inflation and price-level targeting.

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