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A Bird's Eye View of the FRBNY DSGE Model

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Abstract

Dynamic stochastic general equilibrium (DSGE) models provide a stylized representation of reality. As such, they do not attempt to model all the myriad relationships that characterize economies, focusing instead on the key interactions among critical economic actors. In this post, we discuss which of these interactions are captured by the FRBNY model and describe how we quantify them using macroeconomic data. For more curious readers, this New York Fed working paper provides much greater detail on these and other aspects of the model.

Suggested Citation

  • Bianca De Paoli & Argia M. Sbordone & Andrea Tambalotti, 2014. "A Bird's Eye View of the FRBNY DSGE Model," Liberty Street Economics 20140923, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:86976
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    File URL: https://libertystreeteconomics.newyorkfed.org/2014/09/a-birds-eye-view-of-the-frbny-dsge-model.html
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    Keywords

    financial frictions; DSGE models;

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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