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DSGE Models for Policy Analysis

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  • Thomas Persson

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.

Suggested Citation

  • Thomas Persson, 2016. "DSGE Models for Policy Analysis," Journal of Economics and Econometrics, Economics and Econometrics Society, vol. 59(1), pages 1-32.
    • Handle: RePEc:eei:journl:v:59:y:2016:i:1:p:1-32
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    Keywords

    DSGE models; policy analysis.;

    JEL classification:

    • C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

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