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首页> 外文期刊>Journal of Economic Dynamics and Control >What do 'residuals' from first-order conditions reveal about DGE models?
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What do 'residuals' from first-order conditions reveal about DGE models?

机译：一阶条件中的“残差”对DGE模型有什么启示？

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摘要

The first-order condition (FOC) associated with labour in many dynamic general equilibrium models involves only current period variables. Residuals constructed from this FOC are inconsistent with aggregate US data in that they are very large and highly persistent. The persistence suggests that models which introduce dynamic terms in the labour FOC may be more consistent with the data. Three such models (one with learning by doing, one with habit formation, and one with labour adjustment costs) confirm that they can reduce the persistence in the residuals making the models more consistent with the joint dynamics of consumption, output and hours.
机译：在许多动态一般均衡模型中，与劳动相关的一阶条件（FOC）仅涉及当期变量。该FOC构造的残差与美国的总体数据不一致，因为它们很大且高度持久。持久性表明，在劳工FOC中引入动态术语的模型可能与数据更一致。三种这样的模型（一种可以边做边学，一种可以养成习惯，以及一种可以调整劳动成本）证实了它们可以减少残差的持久性，从而使这些模型与消费，产出和工时的联合动态更加一致。

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