DSGE Models in Macroeconomics

DSGE Models in Macroeconomics

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This volume of Advances in Econometrics contains articles that examine key topics in the modeling and estimation of dynamic stochastic general equilibrium (DSGE) models. Because DSGE models combine micro- and macroeconomic theory with formal econometric modeling and inference, over the past decade they have become an established framework for analyzing a variety of issues in empirical macroeconomics. The research articles make contributions in several key areas in DSGE modeling and estimation. In particular, papers cover the modeling and role of expectations, the study of optimal monetary policy in two-country models, and the problem of non-invertibility. Other interesting areas of inquiry include the analysis of parameter identification in new open economy macroeconomic models and the modeling of trend inflation shocks. The second part of the volume is devoted to articles that offer innovations in econometric methodology. These papers advance new techniques for addressing major inferential problems and include discussion and applications of Laplace-type, frequency domain, empirical likelihood and method of moments estimators.Their approach cannot always eliminate a non-invertibility problem, whereas conditioning on a very large information set can. ... The answer is no, but this is because a long run restriction on an impulse response function is an ex-ante restriction, and the agents in the model only learn that ... The exercise in Blanchard et a1.


Title:DSGE Models in Macroeconomics
Author: Nathan Balke, Nathan S. Balke, Fabio Canova, Fabio Milani, Mark A. Wynne
Publisher:Emerald Group Publishing - 2012
ISBN-13:

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