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The NY Fed DSGE Model: A Post-COVID Assessment

Author

Listed:
  • Marco Del Negro
  • Keshav Dogra
  • Aidan Gleich
  • Pranay Gundam
  • Donggyu Lee
  • Ramya Nallamotu
  • Brian Pacula

Abstract

We document the real-time forecasting performance for output and inflation of the New York Fed dynamic stochastic general equilibrium (DSGE) model since 2011. We find the DSGE's accuracy to be comparable to that of private forecasters before COVID but somewhat worse thereafter.

Suggested Citation

  • Marco Del Negro & Keshav Dogra & Aidan Gleich & Pranay Gundam & Donggyu Lee & Ramya Nallamotu & Brian Pacula, 2024. "The NY Fed DSGE Model: A Post-COVID Assessment," AEA Papers and Proceedings, American Economic Association, vol. 114, pages 95-100, May.
    • Handle: RePEc:aea:apandp:v:114:y:2024:p:95-100
    DOI: 10.1257/pandp.20241053
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    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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