Priors
Posteriors
Dis.
Par.
Dist.
Mean
stdr.
Mean
90%
Int.
Habit persistence
h
0.5
0.2
0.3722
0.3321
0.4216
Non-Ric. Households’ share
0.3
0.0052
0.3962
0.3378
0.4544
Utility of consumption
N
1.2
0.3
0.8317
0.6807
0.9818
Utility of Labour
N
2.2
0.5
2.3078
2.0699
2.4733
Price indexation
0.2
0.1
0.2249
0.2008
0.2516
Wage indexation
0.4
0.1
0.3392
0.3191
0.3609
Calvo price
0.60
0.1
0.6721
0.6408
0.6995
Calvo wage
0.50
0.1
0.4198
0.3942
0.4444
Inv. Adj. cost
N
3.0
1.0
3.2845
2.9036
3.6533
Interest rate smoothing
0.55
0.1
0.5482
0.5296
0.5669
Taylor inflation
N
1.55
0.2
1.5392
1.4348
1.6051
Taylor output
N
0.10
0.2
0.0068
0.000
0.0161
Gov. Con. AR-1
0.7
0.1
0.7292
0.6963
0.7656
Gov. investment AR-1
0.7
0.1
0.7388
0.7149
0.771
Public transfers AR-1
0.7
0.1
0.7905
0.7682
0.8128
Sale tax shock AR-1
0.7
0.1
0.7391
0.7181
0.7601
Lab. Tax shock AR-1
0.8
0.1
0.7961
0.7592
0.8376
Cap. Tax shock AR-1
0.7
0.1
0.8022
0.7654
0.8383
Shad. Tax shock AR-1
0.6
0.1
0.5401
0.5035
0.5691
Lab. Supply shock AR-1
0.8
0.1
0.724
0.7058
0.7438
TFP shock AR-1
0.7
0.1
0.8088
0.7746
0.8454
Pref. shock AR-1
0.7
0.1
0.8608
0.8221
0.8942
Investment AR-1
0.8
0.15
0.9306
0.8831
0.9929
Gov. co. Output react.
N
0.0
0.5
0.4698
0.2654
0.6156
Gov. con. Debt react.
N
0.0
0.5
−0.0047
−0.027
0.0204
Gov. Inv. output react.
N
0.0
0.5
−0.3595
−0.5733
−0.1721
Gov. Inv. Debt react.
N
0.0
0.5
0.3489
0.2105
0.4599
Gov. traf. Lab. react.
N
0.0
0.5
−0.0767
−0.2043
0.0082
Gov. traf. Debt react.
N
0.0
0.5
0.3942
0.2445
0.5352
Sale tax output Reac.
N
0.01
0.5
0.1328
0.0248
0.2304
Sale tax debt. React.
N
0.01
0.5
0.1221
0.0999
0.1419
Cap. Tax output reacts.
N
0.0
0.5
0.5228
0.2772
0.7547
Cap. Tax debt reacts.
N
0.0
0.5
0.0332
−0.0171
0.0791
Lab. tax output reacts.
N
0.01
0.5
0.0606
−0.0155
0.1346
Lab. tax Debt react.
N
0.0
0.5
0.0094
−0.0119
0.0309
Shad. Tax. Output react.
N
0.0
0.5
0.0366
−0.1079
0.1682
Shad. Tax. Debt react.
N
0.0
0.5
0.2375
0.16
0.332
SD capital Tax shock
0.01
2.0
0.0378
0.0335
0.042
SD labour Tax shock
0.01
2.0
0.0084
0.0072
0.0092
SD Con. Tax shock
0.01
2.0
0.0124
0.0109
0.014
SD Shad. Tax shock
0.01
2.0
0.0924
0.0808
0.1033
SD cost-push shock
0.01
2.0
0.0056
0.0026
0.0085
SD Inv. shock
0.01
2.0
0.0079
0.0028
0.0136
SD Gov. Con. shock
0.01
2.0
0.0105
0.0093
0.0117
SD Cap. Price shock
0.01
2.0
0.0755
0.064
0.0864
SD Tec. shock
0.01
2.0
0.0031
0.0022
0.0042
SD Gov. inv. shock
0.01
2.0
0.0095
0.0021
0.0172
SD preference shock
0.01
2.0
0.0029
0.002
0.0037
SD Public Transfers Sh.
0.01
2.0
0.0091
0.0025
0.0179
SD Monetary shock
0.01
2.0
0.0016
0.0014
0.0019
SD Lab. Sup. Sh.
0.01
2.0
0.0314
0.0268
0.0359