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[{"key": "dc.contributor.author", "value": "Pietil\u00e4inen, Samuli", "language": null, "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2010-10-19T17:17:53Z", "language": "", "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2010-10-19T17:17:53Z", "language": "", "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2009", "language": null, "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.other", "value": "oai:jykdok.linneanet.fi:1138340", "language": null, "element": "identifier", "qualifier": "other", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/25501", "language": "", "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "Abstract\r\n\r\nThis paper estimates an investment equation for private investment using Bayesian estimation techniques. In the paper we derive the optimal capital accumulation behavior in the model economy from the households\u2019 optimization problem of utility. The equation is derived as in Smets and Wouters (2003). The model contains costly adjustment of investment and random shocks to adjustment cost function. The driving variable of investment is Tobin Q variable.\r\n\r\nThe empirical proxy for Tobin Q in this paper is the ratio of OMX Helsinki Cap Index to the price index of the physical capital. The investment series is the seasonally adjusted private investment in quarterly national accounts.\r\n\r\nThe AR(1) modelled investment shocks are found to be less persistent in Finland than in the euro area. The estimated median of persistence parameter for Finland is 0.485. Also the shocks to investment adjustment cost function are found to vary less in Finland as in the euro area. The estimated standard deviation of the shocks is 0.065. The adjustment cost parameter is roughly the same for both data sets. The results are robust to loosening the strict prior of discount factor,\r\nbeta=0.99. The paper also provides discussion about adjustment cost parameter and we investigate the behaviour of the posterior chain of B with different prior distributions for the parameter.\r\n\r\n\r\nTiivistelm\u00e4\r\n\r\nT\u00e4ss\u00e4 pro gradussa estimoidaan yht\u00e4l\u00f6 yksityisille investoinneille bayesilaisella menetelm\u00e4ll\u00e4. T\u00e4ss\u00e4 ty\u00f6ss\u00e4 optimaalinen p\u00e4\u00e4oman akkumulointi mallikansantaloudessa johdetaan kotitalouksien hy\u00f6dyn optimointi-ongelmasta. Investointiyht\u00e4l\u00f6 johdetaan kuten Smets\u2019n ja Wouterin (2003) artikkelissa. Malli sis\u00e4lt\u00e4\u00e4 investointien sopeutuskustannukset ja satunnaisia shokkeja sopeutuskustannus-funktioon. Investointien selitt\u00e4v\u00e4 muuttuja on Tobin Q -muuttuja.\r\n\r\nEmpiirinen vastine teoreettiselle Tobin Q muuttujalle on OMX Helsinki Cap indexin arvo suhteutettuna fyysisen p\u00e4\u00e4oman hintaindeksill\u00e4. Ty\u00f6ss\u00e4 k\u00e4ytetty investointisarja on kausitasoitettu yksityisten investointien sarja kansantalouden nelj\u00e4nnestilinpidossa. \r\n\r\nInvestointishokit ovat AR(1)-prosessi. Shokit osoittautuvat v\u00e4hemm\u00e4n pysyviksi Suomessa kuin euroalueella. Estimoitu AR(1)-kerroin investointishokeille on 0.485. Investointishokit my\u00f6s vaihtelevat v\u00e4hemm\u00e4n Suomessa kuin euroalueella, sill\u00e4 estimoitu shokkien keskihajonta on 0.065. Investointien sopeutuskustannus on likipit\u00e4en samankokoinen Suomessa ja euroalueella. Tulokset ovat robusteja kiinnitetyn diskonttausparametrin beta=0.99 l\u00f6ys\u00e4\u00e4miselle antamalla betalle eri\r\npriorijakaumia. T\u00e4ss\u00e4 ty\u00f6ss\u00e4 my\u00f6s keskustellaan sopeutuskustannusparametrista ja tutkitaan sen posterioiriketjujen k\u00e4ytt\u00e4ytymist\u00e4 kun sille annetaan eri priorijakaumia.", "language": "", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted using Plone Publishing form by Mikko Pietil\u00e4inen (misapiet) on 2010-10-19 17:17:50.108288. Form: Pro gradu -lomake (1 tekij\u00e4) (https://kirjasto.jyu.fi/julkaisut/julkaisulomakkeet/pro-gradu-lomake-1-tekijae). JyX data:", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by jyx lomake-julkaisija (jyx-julkaisija@noreply.fi) on 2010-10-19T17:17:52Z\r\nNo. of bitstreams: 2\r\nURN:NBN:fi:jyu-201010193005.pdf: 501144 bytes, checksum: 90ec12137daf7f5d9696576872007f1b (MD5)\r\nlicense.html: 5002 bytes, checksum: 1f353ce3c386071b08551da69c83e561 (MD5)", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2010-10-19T17:17:53Z (GMT). No. of bitstreams: 2\r\nURN:NBN:fi:jyu-201010193005.pdf: 501144 bytes, checksum: 90ec12137daf7f5d9696576872007f1b (MD5)\r\nlicense.html: 5002 bytes, checksum: 1f353ce3c386071b08551da69c83e561 (MD5)\r\n Previous issue date: 2009", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "45 sivua", "language": null, "element": "format", "qualifier": "extent", "schema": "dc"}, {"key": "dc.format.mimetype", "value": "application/pdf", "language": null, "element": "format", "qualifier": "mimetype", "schema": "dc"}, {"key": "dc.language.iso", "value": "eng", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "In Copyright", "language": "en", "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.subject.other", "value": "sijoitustoiminta", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "private investment", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "DSGE model", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "Bayesian inference", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "investment adjustment costs", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "DSGE-malli", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "investointien sopeutuskustannus", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.title", "value": "The Bayesian estimation of private investment in Finland", "language": null, "element": "title", "qualifier": null, "schema": "dc"}, {"key": "dc.type", "value": "master 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