King Plosser Rebelo Technical Appendix

King Plosser Rebelo Technical Appendix - Surgxfwlrq/ Jurzwk...

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Surgxfwlrq/ Jurzwk dqg Exvlqhvv F|fohv= Whfkqlfdo Dsshqgl{ ± Urehuw J1 Nlqj/ | Fkduohv L1 Sorvvhu } dqg Vhujlr W1 Uhehor { Mxqh 9/ 5334 Devwudfw Wkh phwkrgv xvhg lq rxu wzr vxuyh| sdshuv rq uhdo exvlqhvv f|fohv +Nlqj/ Sorvvhu dqg Uhehor ^4<;;d/e`, duh ghwdlohg lq wklv grfxphqw1 Rxu suhvhqwdwlrq ri wkh edvlf qhrfodvvlfdo prgho ri jurzwk dqg exvlqhvv f|fohv lv eurnhq lqwr wkuhh sduwv1 Iluvw/ zh ghvfuleh wkh prgho dqg lwv vwhdg| vwdwh/ glvfxvvlqj= wkh vwuxfwxuh ri wkh hqylurqphqw lqfoxglqj jryhuqphqw srolf| uxohv> wkh qdwxuh ri rswlpdo lqglylgxdo ghflvlrqv dqg wkh g|qdplf frp0 shwlwlyh htxloleulxp> whfkqlfdo uhvwulfwlrqv wr lqvxuh vwhdg| vwdwh jurzwk> frpsdudeoh uhvwulfwlrqv rq suhihuhqfhv dqg srolf| uxohv> vwdwlrqdu| ohyhov dqg udwlrv lq wkh vwhdg| vwdwh> dqg wkh qdwxuh ri d wudqviruphg hfrqrp|1 Vhfrqg/ zh ghwdlo phwkrgv iru vwxg|lqj qhdu vwhdg|0vwdwh g|qdplfv/ frq0 vlghulqj= wkh olqhdu dssur{lpdwlrq dssurdfk> wkh udwlrqdo h{shfwdwlrqv vr0 oxwlrq dojrulwkp> wkh qdwxuh ri dowhuqdwlyh vroxwlrqv> dqg wkh vshfldo fdvh ri wkh ±{hg oderu prgho1 Wklug/ zh glvfxvv wkh frpsxwdwlrq ri vlpxodwlrqv/ prphqwv dqg lpsxovh uhvsrqvhv1 Zh dfnqrzohgjh vxssruw iurp wkh Qdwlrqdo Vflhqfh Irxqgdwlrq rq wklv uhvhdufk surmhfw/ zklfk wrrn sodfh zkhq zh zhuh doo dw wkh Xqlyhuvlw| ri Urfkhvwhu1 Zh wkdqn Kdudog Xkolj iru hqfrxudjlqj xv wr sxeolvk wklv dqflhqw pdqxvfulsw/ zklfk kdv orqj ehhq xvhg e| pdq| shrsoh lq plphr irup1 Wkh PDWODE surjudpv wkdw zhuh ghvljqhg wr dffrpsdq| wklv dsshqgl{ duh dydlodeoh dw kwws=22hfrq1ex1hgx2nlqj ru kwws=22zzz1nhoorjj1qzx1hgx2idfxow|2uhehor1 | Ghsduwphqw ri Hfrqrplfv/ Ervwrq Xqlyhuvlw|1 } Z1H1 Vlprq Judgxdwh Vfkrro ri Exvlqhvv/ Xqlyhuvlw| ri Urfkhvwhu1 { Nhoorjj Judgxdwh Vfkrro ri Pdqdjhphqw/ Qruwkzhvwhuq Xqlyhuvlw|1
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Wkh remhfwlyh ri wklv dsshqgl{ lv wr surylgh d ghwdlohg dqdo|vlv ri d qhrfodvvlfdo hfrqrp| wkdw lv vx!flhqwo| h{leoh wr shuplw= +d, h{rjhqrxv vwhdg| vwdwh jurzwk> E K ± glvwruwlqj wd{ uxohv ri ydulrxv vruwv> dqg E S ± wlph ydu|lqj jryhuqphqw vshqglqj1 Dowkrxjk zh gr qrw irfxv rq doo ri wkhvh lvvxhv lq wkh suhvhqw glvfxvvlrq/ rwkhu lqyhvwljdwlrqv lq surjuhvv zloo xwlol}h wklv iudphzrun1 Wkh dsshqgl{ lv glylghg lqwr wkuhh pdlq sduwv1 Sduw D ghvfulehv wkh duwl±fldo hfrqrp| xqghu vwxg| dqg dqdo|vhv lwv vwhdg| vwdwh/ Sduw ± ghyhorsv phwkrgv wr vwxg| dssur{lpdwh g|qdplfv durxqg wkh vwhdg| vwdwh/ dqg Sduw F ghulyhv d vhw ri irupxodv iru jhqhudwlqj srsxodwlrq prphqwv1 Wklv whfkqlfdo dsshqgl{ lv ghvljqhg wr vhuyh wzr ixqfwlrqv1 Iluvw / lw ghyhorsv wkh wkhruhwlfdo pdwhuldo lq vhfwlrqv 5 dqg 6 ri wkh pdlq wh{w lq pruh ghswk1 Vhfrqg/ lw vhuyhv dv d ghwdlohg jxlgh wr SF0PDWODE surjudpv iru frpsxwlqj g|qdplf htxloleuld/ zulwwhq e| Nlqj dqg Uhehor lq wkh Vsulqj ri 4<;:1 Qrwdwlrq lq surjudpv dqg wkh whfkqlfdo dsshqgl{ kdv ehhq ghwdlohg dv forvho| dv ihdvleoh1 41 Vwhdg| Vwdwh Jurzwk lq wkh Edvlf Qhrfodvvlfdo Prgho 4141 Hqylurqphqwdo dqg Srolf| Vshfl±fdwlrqv Wkh hfrqrp| lv srsxodwhg e| pdq| lghqwlfdo djhqwv/ ri vx!flhqw qxpehu wkdw hdfk shufhlyhv klv lq xhqfh rq djjuhjdwh txdqwlwlhv wr eh lqvljql±fdqw1 414141 Suhihuhqfhv1
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King Plosser Rebelo Technical Appendix - Surgxfwlrq/ Jurzwk...

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