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      An Estimated New-Keynesian Model with Unemployment as Excess Supply of Labor 

      Casares, Miguel; Moreno, Antonio; Vázquez Pérez, Jesús ORCID (University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)
      Wage stickiness is incorporated to a New-Keynesian model with variable capital to drive endogenous unemployment uctuations de ned as the log di¤erence between aggregate labor supply and aggregate labor demand. We estimated ...
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      Data Revisions in the Estimation of DSGE Models 

      Casares, Miguel; Vázquez Pérez, Jesús ORCID (University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)
      Revisions of US macroeconomic data are not white-noise. They are persistent, correlated with real-time data, and with high variability (around 80% of volatility observed in US real-time data). Their business cycle effects ...