Bayesian Mixture Models with Applications in Macroeconomics
A vast empirical literature has documented the widespread nature of structural instability in many macroeconomic time series. In order to accommodate such a feature, there has been an increasing interest in models that allow time-variation in the parameters. One important issue for modeling this time-variation is to decide which type of time-varying processes is more suitable in applications. For instance, one might want to choose between a model where the...[Show more]
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