Assessing the effects of fiscal policy with estimated and calibrated models: BoJ paper


A working paper titled Assessing the Effects of Fiscal Policy in Japan with Estimated and Calibrated DSGE Models, demonstrates differences between investigative models' results.

Takuji Fueki, Ichiro Fukunaga and Masashi Saito, the paper's authors, used two dynamic stochastic general equilibrium (DSGE) models to assess the effects of fiscal policy in Japan.

One is a medium-scale DSGE model of Japan's economy, estimated using Bayesian techniques. The other is the IMF's multi-region Global

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