Investment gestation periods in a Korean macroeconomic model
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초록
A New Keynesian DSGE model with investment delay is estimated to infer the appropriate investment gestation periods for Korean macroeconomy. Bayesian estimation results indicate that the model with six quarters of investment delay fits Korean data better than the other ones. The results also show that investment outlays are not evenly distributed over time-to-build period, but more resources are required in the early stage of investment.
Abstract
A New Keynesian DSGE model with investment delay is estimated to infer the appropriate investment gestation periods for Korean macroeconomy. Bayesian estimation results indicate that the model with six quarters of investment delay fits Korean data better than the other ones. The results also show that investment outlays are not evenly distributed over time-to-build period, but more resources are required in the early stage of investment.
참고문헌 (22)
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