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Prior Distribution Information

 

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Displays the information YADA finds in the prior distribution file about the parameters that should be estimated. For all prior distributions the name of the parameter, the name of the prior, and the initial value are displayed. Additionally, YADA writes between 2 and 4 parameters that describe the distribution.

For the normal, gamma, beta, uniform, logistic, and Gumbel the first two parameters are the mean and the standard deviation. For the left truncated normal, Student-t, and Cauchy it writes a location parameter and a scale parameter. In the case of the uniform it is simply the lower and upper bounds. For the Pareto it writes and shape and a location parameter, and for the inverted gamma a location and a degrees of freedom parameter.

The beta, gamma, inverted gamma, left truncated normal, logistic and Pareto support a third parameter. For the beta, gamma and inverted gamma it is the lower bound; for the logistic a shape parameter that determines if the distribution is left-skewed, symmetric, or right-skewed; and for the Pareto an origin parameter.

In addition, for the beta YADA supports a fourth parameter: the upper bound.

 

Additional Information

More detailed information about the prior distributions supported by YADA for DSGE models is provided in Section 4.2 of the YADA Manual.
A more detailed description about how to setup the prior distribution file can also be found in Section 18.2 of the YADA Manual.
An example file is located in the directory "example\AnSchorfheide\data" directly below the base directory for YADA. The file is simply called "AnSchorfheidePrior.wk1". The same data is also available in the Excel spreadsheet "AnSchorfheidePrior.xls".

 

 


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