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2016•Journal of Economics and EconometricsRequires access

DSGE Models for Policy Analysis

Thomas Persson

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Abstract

The present paper studies the use of DSGE models for policy analysis. Both the formulation and estimation of dynamic stochastic general equilibrium (DSGE) models is critically examined. Second, the paper highlights strengths and weaknesses of Real business cycle (RBC) vis-à-vis New-Keynesian DSGE models in the context of policy analysis. Third, the most important techniques which are required to formulate and estimate DSGE models are explained. Finally, the paper identifies the most promising avenues for future DSGE research.

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What this paper is about

The present paper studies the use of DSGE models for policy analysis. Both the formulation and estimation of dynamic stochastic general equilibrium (DSGE) models is critically examined. Second, the paper highlights strengths and weaknesses of Real business cycle (RBC) vis-à-vis New-Keynesian DSGE models in the context of policy analysis. Third, the most important techniques which are required to formulate and estimate DSGE models are explained. Finally, the paper identifies the most promising avenues for future DSGE research.

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Available abstract

The present paper studies the use of DSGE models for policy analysis. Both the formulation and estimation of dynamic stochastic general equilibrium (DSGE) models is critically examined. Second, the paper highlights strengths and weaknesses of Real business cycle (RBC) vis-à-vis New-Keynesian DSGE models in the context of policy analysis. Third, the most important techniques which are required to formulate and estimate DSGE models are explained. Finally, the paper identifies the most promising avenues for future DSGE research.

Key concepts: Dynamic stochastic general equilibrium, Context (archaeology), Economics, Econometrics, Business cycle, Strengths and weaknesses, New Keynesian economics, Policy analysis

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