Hello everybody, I am trying to specify a open economy model, but I don't know how to specify the process for the foreign price. Do anybody have some suggestions?
Thank you
Andrea
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Foreign price process
by gazzani.andrea » Thu Sep 01, 2011 5:33 am
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Re: Foreign price process
by StephaneAdjemian » Thu Sep 01, 2011 8:10 am
Dear Andrea,
If you are building a small open economy model the (relative) foreign price is exogenous and may be modelled as an ARMA process. Such a stochastic process can be easily defined in Dynare.
Best, Stéphane.
If you are building a small open economy model the (relative) foreign price is exogenous and may be modelled as an ARMA process. Such a stochastic process can be easily defined in Dynare.
Best, Stéphane.
- StephaneAdjemian
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- Joined: Wed Jan 05, 2005 4:24 pm
- Location: Paris, France.
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