| Abstract [eng] |
In the research paper a dynamic stochastic general equilibrium described in I.Carabenciov, I.Ermolaev, Ch.Freedman, M.Juillard, O.Kamenik, D.Korshunov, D.Laxton article „A Small Quarterly Projection Model of the US Economy“ was analyzed. The data for analysis was provided by “Euromonitor International“ company. The benchmark model has only four variables: real gross domestic product (GDP), unemployment rate, consumer price index, federal funds rate. The model is estimated over sample period from 1994QI till 2009QII. The aim of the research was to reiterate the results given in the article „A Small Quarterly Projection Model of the US Economy“. For this aim two programming packages were chosen – Dynare and Winbugs. The model was programmed using two different programs, both based on Bayesian methodology. Afterward the results were compared with results presented in the article. After all the calculations were done, the results were following: model was successfully repeated with Dynare. Although the results obtained with Winbugs program differed from the results given in the article. It therefore concluded that Dynare program is more suitable for the assessment of stationary stochastic dynamic models. |
