Abstract

http://ssrn.com/abstract=1680621
 
 

Citations (14)



 


 



DSGE Models for Monetary Policy Analysis


Lawrence J. Christiano


Northwestern University; Federal Reserve Bank of Cleveland; Federal Reserve Bank of Chicago; Federal Reserve Bank of Minneapolis; National Bureau of Economic Research (NBER)

Mathias Trabandt


Board of Governors of the Federal Reserve System (FRB); Sveriges Riksbank

Karl Walentin


Sveriges 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

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Date posted: September 23, 2010  

Suggested Citation

Christiano, Lawrence J. and Trabandt, Mathias and Walentin, Karl, DSGE Models for Monetary Policy Analysis (August 2010). Federal Reserve Bank of Atlanta CQER Working Paper No. 10-02. Available at SSRN: http://ssrn.com/abstract=1680621 or http://dx.doi.org/10.2139/ssrn.1680621

Contact Information

Lawrence J. Christiano (Contact Author)
Northwestern University ( email )
2003 Sheridan Road
Evanston, IL 60208
United States
847-491-8231 (Phone)
847-491-7001 (Fax)
Federal Reserve Bank of Cleveland
East 6th & Superior
Cleveland, OH 44101-1387
United States
Federal Reserve Bank of Chicago
230 South LaSalle Street
Chicago, IL 60604
United States
Federal Reserve Bank of Minneapolis
90 Hennepin Avenue
Minneapolis, MN 55480
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Mathias Trabandt
Board of Governors of the Federal Reserve System (FRB) ( email )
20th Street and Constitution Avenue NW
Washington, DC 20551
United States
Sveriges Riksbank ( email )
Brunkebergstorg 11
SE-103 37 Stockholm
Sweden

Karl Walentin
Sveriges Riksbank ( email )
Brunkebergstorg 11
SE-103 37 Stockholm
Sweden
HOME PAGE: http://www.riksbank.com/research/walentin

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Citations:  14

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