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DSGE Models for Monetary Policy AnalysisLawrence J. ChristianoNorthwestern University; Federal Reserve Bank of Cleveland; Federal Reserve Bank of Chicago; Federal Reserve Bank of Minneapolis; National Bureau of Economic Research (NBER) Mathias TrabandtFederal Reserve Board; Sveriges Riksbank Karl WalentinSveriges Riksbank August 2010 Federal Reserve Bank of Atlanta CQER Working Paper No. 10-02 Abstract: Monetary DSGE models are widely used because they fit the data well and can be used to address important monetary policy questions. We provide a selective review of these developments. Policy analysis with DSGE models requires using data to assign numerical values to model parameters. The paper describes and implements Bayesian moment matching and impulse response matching procedures for this purpose.
Number of Pages in PDF File: 94 Keywords: Taylor rule, labor supply, boom, output gap, unemployment, Bayesian inference, vector autoregression, posterior distribution JEL Classification: E2, E3, E5, J6 working papers seriesDate posted: September 23, 2010Suggested CitationContact Information
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