From: The macroeconomic effects of COVID-19 in Montenegro: a Bayesian VARX approach
Prior | Variable | RMSE,\(\lambda_{1} = 0.5\) | RMSE,\(\lambda_{1} = 1.0\) |
---|---|---|---|
Standard VAR | GDP_GAP | 0.149639 | 0.149639 |
Minnesota | GDP_GAP | 0.059793 | 0.068993 |
Normal-Flat | GDP_GAP | 0.066566 | 0.066566 |
Normal-Wishart | GDP_GAP | 0.066562 | 0.066562 |
Sims-Zha (N-W) | GDP_GAP | 0.062344 | 0.071688 |
Giannone, L & P | GDP_GAP | 0.063592 | 0.063770 |