Table 3 Calibrated Parameter Values
From: The relevance of domestic and foreign factors in driving Ghana’s business cycle
Parameters | Value | Source |
|---|---|---|
\({\beta }\) | 0.960 | Based on an estimated DSGE for Ghana by |
Takyi and Leon-Gonzalez (2020) | ||
\({\alpha }\) | 0.400 | Based on previous studies for Ghana by |
\({\psi }\) | 2.000 | Standard value in the literature |
\({\delta }\) | 0.057 | Based on Penn World Tables data for Ghana |
\({\gamma _z}\) | 0.006 | Based on GDP data for Ghana |
\({\gamma _n}\) | 0.026 | Based on population data for Ghana |