Policy Analysis Using DSGE Models: An Introduction
نویسندگان
چکیده
منابع مشابه
Policy Analysis Using DSGE Models: An Introduction
n recent years, there has been a significant evolution in the formulation and communication of monetary policy at a number of central banks around the world. Many of these banks now present their economic outlook and policy strategies to the public in a more formal way, a process accompanied by the introduction of modern analytical tools and advanced econometric methods in forecasting and polic...
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This paper applies a new Bayesian framework laid out in Faust and Gupta (2009) for evaluating the suitability of dynamic stochastic general equilibrium (DSGE) models for the task of monetary policy analysis. The paper characterizes practical monetary policy analysis as determining how intended policy should be revised in light of the structural interpretation of incoming news. The news is defin...
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This paper evaluates the suitability of current DSGE models for monetary policy analysis from a Bayesian perspective, recognizing that these models may be useful even if they are misspecified along some dimensions, using the framework laid out in Faust and Gupta (2009). The paper argues that practical monetary policy analysis deals with determining how intended policy should be revised in light...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2010
ISSN: 1556-5068
DOI: 10.2139/ssrn.1692896