I have a DSGE model, and I am trying to find the right variables for estimation, since my topic is innovative, and I have no idea what they should be. So I am looking to find the right variables from Fred’s data for US data for the following: More, I would kindly like to help me understand which ones should be. Most of them are so-called commonly used, but I did not understand which ones they should be or their definition.
I have in my model Technology Shocks.
These shocks represent changes in productivity or technological advancements.
These shocks represent disruptions in financial markets or changes in financial conditions. They are modeled as changes in the cost of borrowing.
Supply Chain Shocks: These shocks capture disruptions in the supply chain that affect production and prices. They are modeled as changes in production costs:
Fiscal Policy Shocks
These shocks capture changes in government spending (G_t) or taxation policies (T_t).
Also, I have capital, and alpha is the output elasticity of labor.
Total factor productivity
My question is: which variables are commonly used for these? Mostly for technology shocks, financial, shocks, financial frictions, and supply chain shocks as well as with the remaining ones
thank you for any help you could provide