Smets and wouters 

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memo227.pdf
... of christiano et al. (2005), smets and wouters (2003) and smets and wouters (2007) display time series properties similar to real world data and produce impulse responses similar to atheoretic' ... smets and wouters (2004) for the euro area and rubaszek and skrzypczynski (2008) for the us. at cpb we currently use a large macro model, saffier, for both policy analysis and forecasting (see kranendonk and ...
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memo228.pdf
... to obtain the required timing of a productivity change and to obtain the cyclical properties discussed above. despite these potential advantages, smets and wouters (2007) point out that in the presence of ... from the depreciation-through-use literature. other literature such as christiano et al. (2005) and smets and wouters (2007) typically use a linearized model. as outlined in section 3.3, only the ...
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