RBA researchers test new BVAR-DSGE method on Australia
Tim Robinson, an economics researcher at the Reserve Bank of Australia, has developed a method of more accurately modelling small, open economies in combined Bayesian vector autoregression and dynamic stochastic general equilibrium (BVAR-DSGE) models.
The paper: Estimating and Identifying Empirical BVAR-DSGE Models for Small Open Economies, takes a method developed in 2004 but introduces a way of ensuring that developments in the small economy cannot affect the large economy.
In a second paper
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