Abstract
In this chapter we construct a VARX model to judge the quality of simulation outcomes of the IBS-CCSO model. The VARX model contains four domestic, endogenous variables and three foreign, exogenous variables. Inclusion of the exogenous variables is based on a theoretical prior and not backed by statistical tests. The VARX model outperforms the IBS-CCSO model with respect to all endogenous variables, except for inflation forecasts.
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© 1998 Springer Science+Business Media Dordrecht
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Jacobs, J. (1998). VAR-ing the economy of the Netherlands. In: Econometric Business Cycle Research. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-5591-9_6
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DOI: https://doi.org/10.1007/978-1-4615-5591-9_6
Publisher Name: Springer, Boston, MA
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Online ISBN: 978-1-4615-5591-9
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