DSGE Models and Central Banks
| Autor: | Camilo E. Tovar |
|---|---|
| Rok vydání: | 2008 |
| Předmět: |
Schätztheorie
Social Sciences jel:F41 jel:F47 Structuring DSGE models E0 E50 jel:E0 Economics E58 Emerging market economies E52 HB71-74 jel:E50 F37 Monetary policy jel:E52 jel:E58 Policy analysis jel:F37 communication m General Economics Econometrics and Finance F41 Theorie Dynamisches Gleichgewicht Macroeconomics Geldpolitik F47 central banks modelling ddc:330 Dynamic stochastic general equilibrium Transmissionsmechanismus DSGE models central banks monetary policy communication and forecasting jel:C5 C5 E32 Estimation estimation E37 Economic sector DSGE models Central Banks Communication Estimation Modelling jel:E32 DSGE models central banks communication m estimation modelling CGE-Modelling jel:E37 Economics as a science jel:B4 B4 |
| Zdroj: | Economics : the Open-Access, Open-Assessment e-Journal (2008) Economics : the Open-Access, Open-Assessment e-Journal (2009) |
| ISSN: | 1556-5068 |
| DOI: | 10.2139/ssrn.1726686 |
| Popis: | Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and forecasting. This paper reviews some issues and challenges surrounding the use of these models at central banks. It recognises that they offer coherent frameworks for structuring policy discussions. Nonetheless, they are not ready to accomplish all that is being asked of them. First, they still need to incorporate relevant transmission mechanisms or sectors of the economy; second, issues remain on how to empirically validate them; and finally, challenges remain on how to effectively communicate their features and implications to policy makers and to the public. Overall, at their current stage DSGE models have important limitations. How much of a problem this is will depend on their specific use at central banks. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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