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Prior - Steady State Parameters

 

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Steady state parameter prior file: An edit box with the full path and name of the steady state parameter prior file for your Bayesian VAR model. A browse button is connected with the edit box for convenient and safe editing of paths and filenames. This file takes two required input variables (SelectedVariables and XSelectedVariables). The former is a vector with integers indicating the position of the endogenous variables for the VAR in the vector of observed variables for the DSGE model and the latter a vector of integers giving the position for the exogenous variables in the VAR in the vector of exogenous variables of the DSGE model. See also the Data Construction File. The function should provide a px2 matrix as output, where p is the number of endogenous variables in the VAR model. The first column of the output matrix holds the prior mean of the steady state parameters while the second column holds the prior standard deviation.

 

Additional Information

A more detailed description about how to set up the Bayesian VAR prior is found in Section 14.1 of the YADA Manual.

 

 


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