Tomas Forsfält: National Institute of Economic Research, Postal: National Institute of Economic Research, P.O. Box 3116, SE-103 62 Stockholm, Sweden
Abstract: KIMOD is a model in constant progress. Since the first documentation of KIMOD in January 2007, the model in use has changed gradually. It’s now time to introduce the second version of the model – KIMOD 2.0. As time passes, new data and new judgement causes parametric changes. In chapter 1, some news in the calibration of steady state is discussed. Moreover, we have also introduced a new parameterisation concerning the time it takes for the individuals to recognize and internalize permanent shocks into their behaviour. This is shown in chapter 2. Changes in the model changes the dynamic properties. Threfore, in chapter 3, we compare the impulse-response functions of KIMOD 2.0 and KIMOD 1.0 for five permanent and five temporary shocks.
64 pages, February 28, 2009
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