Economics, Econometrics and Finance
4 years ago

New method bridges economic models and raw data, revolutionizing policy decisions.

SSRN Electronic Journal
Bridging DSGE Models and the Raw Data
Fabio Canova

Paper Summary

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The article presents a new method to estimate economic models using real-world data. This method connects the data to the model in a flexible way, allowing for different patterns in the data and potential errors in the model. Traditional data transformations can lead to incorrect results and policy recommendations. The new approach successfully captures important features of the model in practical experiments.