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The Portuguese post-2008 period: A narrative from an estimated DSGE model

Ano de Divulgação 
Código JEL 
C11 - Bayesian Analysis
C13 - Estimation
E20 - General
E32 - Business Fluctuations; Cycles
We present a medium scale small-open DSGE model for an euro-area economy that encompasses a financial accelerator mechanism and a well-developed fiscal block coupled to an overlapping generations scheme. This setup endogenously triggers myopia in households' decisions, breaking the traditional Ricardian equivalence in asset holders. We use Bayesian methods to estimate the model for the Portuguese economy and compute several byproducts of interest - namely historical and variance decompositions and key Bayesian impulse response functions. Finally, we carry out parameter stability tests.
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