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An Estimated DSGE Model for the United Kingdom


Riccardo DiCecio


Federal Reserve Bank of St. Louis - Research Division

Edward Nelson


Federal Reserve Bank of St. Louis - Research Division; Federal Reserve Board
February 2007


Abstract:     
We estimate the dynamic stochastic general equilibrium model of Christiano, Eichenbaum, and Evans (2005) on United Kingdom data. Our estimates suggest that price stickiness is a more important source of nominal rigidity in the U.K. than wage stickiness. Our estimates of parameters governing investment behavior are only well behaved when post-1979 observations are included, which reflects government policies until the late 1970s that obstructed the influence of market forces on investment.

Number of Pages in PDF File: 30

Keywords: United Kingdom economy, DSGE models, monetary policy regime

JEL Classification: E31, E32, E52

working papers series


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Date posted: March 1, 2007  

Suggested Citation

DiCecio, Riccardo and Nelson, Edward, An Estimated DSGE Model for the United Kingdom (February 2007). Available at SSRN: http://ssrn.com/abstract=966310 or http://dx.doi.org/10.2139/ssrn.966310

Contact Information

Riccardo DiCecio (Contact Author)
Federal Reserve Bank of St. Louis - Research Division ( email )
411 Locust St
Saint Louis, MO 63011
United States
Edward Nelson
Federal Reserve Bank of St. Louis - Research Division ( email )
411 Locust St
Saint Louis, MO 63011
United States
314-444-8712 (Phone)
314-444-8731 (Fax)
Federal Reserve Board ( email )
20th Street and Constitution Avenue NW
Washington, DC 20551
United States
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