1.

Record Nr.

UNINA9910155202503321

Autore

Andrle Michal

Titolo

System Priors for Econometric Time Series / / Michal Andrle, Miroslav Plašil

Pubbl/distr/stampa

Washington, D.C. : , : International Monetary Fund, , 2016

ISBN

9781475555844

1475555849

9781475555912

1475555911

Descrizione fisica

1 online resource (19 pages) : illustrations

Collana

IMF Working Papers

Altri autori (Persone)

PlašilMiroslav

Soggetti

Econometrics

Macroeconomics

Bayesian Analysis: General

Model Construction and Estimation

Methodological Issues: General

Time-Series Models

Dynamic Quantile Regressions

Dynamic Treatment Effect Models

Diffusion Processes

Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)

Economic growth

Business cycles

Lingua di pubblicazione

Inglese

Formato

Materiale a stampa

Livello bibliografico

Monografia

Nota di bibliografia

Includes bibliographical references.

Sommario/riassunto

The paper introduces “system priors”, their use in Bayesian analysis of econometric time series, and provides a simple and illustrative application. System priors were devised by Andrle and Benes (2013) as a tool to incorporate prior knowledge into an economic model. Unlike priors about individual parameters, system priors offer a simple and



efficient way of formulating well-defined and economically-meaningful priors about high-level model properties. The generality of system priors are illustrated using an AR(2) process with a prior that most of its dynamics comes from business-cycle frequencies.