Dynamic Stochastic General Equilibrium Models as a Tool for Policy Analysis

This article discusses the evolution of dynamic macroeconomic models from calibrated Real Business Cycle models to estimated dynamic stochastic general equilibrium models. The purpose is to suggest the usefulness of these models as a tool for policy analysis, with a particular emphasis on aspects of...

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Bibliographic Details
Published in:CESifo economic studies 2006-12, Vol.52 (4), p.640-665
Main Authors: Kremer, Jana, Lombardo, Giovanni, von Thadden, Leopold, Werner, Thomas
Format: Article
Language:English
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Summary:This article discusses the evolution of dynamic macroeconomic models from calibrated Real Business Cycle models to estimated dynamic stochastic general equilibrium models. The purpose is to suggest the usefulness of these models as a tool for policy analysis, with a particular emphasis on aspects of monetary policy. (JEL classification: D58, E50)
ISSN:1610-241X
1612-7501
DOI:10.1093/cesifo/ifl014