摘要：This paper decomposes and estimates trendkyelical compoments of some key macro vriables–GDP,infation,and inmerst rate,using a simple DSGE model along with flexible trend speilication.The etraced eyelical componas of output and inkrest rake ane similar to HP–fikered wuntepurts,despile some ifrences in pasistence and voatilty,whilk infution resembles that from BK filering.This implies that the usual practiee of applying a singke fltering method to the data of inerest may be problematic.When the baseline model is exended 阳incoprate comsumption habit and price indeation,habit tums out to be impotant in exlaining the perstence of busines eydes.Comparisomn of several ahamnative models shows thuat the usal practice of estimation ol DSGE model using flered da leads妇bised resulse Finlly,various sensifivity alys ilustate that (1) alowing for conelation between structural eyelial shocks and trend shocks and (2) inchuding inmegular componens (in inlation rate) may deliver iteresinghnportant implication fr gap etimats.
关键词：Filtering;Trend Specification;Business Cycles;DSGE Model Evaluation
