RBA paper modifies DGSE to include housing sector
Model does better job of explaining data on Australian economy, researchers say
A discussion paper published by the Reserve Bank of Australia proposes a new method of modelling the housing sector in a dynamic stochastic general equilibrium model.
In DSGE Reno: adding a housing block to a small open economy model, Christopher G Gibbs, Jonathan Hambur and Gabriela Nodari present large-scale open economy DGSE model with four intermediate sectors. These are non-traded, housing, traded and resources.
In the model, “households are assumed to consume housing services as part of
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