If we interpret policy uncertainty in the model as policy volatility in the data, then this result matches the second stylized fact
This stylized fact
is portrayed in our intertemporal equilibrium model in line with Fagan and Gaspar (2008) as an equality of real interest rates of southern and northern EMU countries along the intertemporal equilibrium path.
It seems likely that this characterizes the growth process, but this stylized fact
is still more of a prediction than a proven regularity.
This estimation of the marginal distributions also considers that financial series usually present distribution functions with heavy tails (another stylized fact
of financial time series).
The first stylized fact
I observe is shared by all the episodes in the mentioned set of crises.
The stylized fact
that almost no one seems to dispute is that Japan has "lost" two decades of growth, and that the icy grip of deflation on the economy is responsible.
only too reassuring" to theoretical economists committed to "a 'stylized fact
' of a stable, equilibrium-seeking, self-contained economic mechanism that rules our lives," Neal says.
Hence, the stylized fact
is that the productivity growth rate in the 50s and 60s was higher than the later period and the productivity slowdown began in the early to middle of the 70s.
In a paper in this Review (Schroeter, 1987), I presented a simple model of the real estate brokerage market that was designed to support equilibria consistent with a particular stylized fact
of the industry: Sellers of expensive houses pay significantly more for brokerage services then do sellers of inexpensive houses even though there is little or no cost justification for such price differences.
It takes issue with an idea that has almost achieved the status of stylized fact
: the idea that parliamentary systems are inherently more stable than presidential systems.