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DSGE Models in the Conduct of Policy: Use as intended

Summary:
Dynamic stochastic general equilibrium (DSGE) models are in wide use yet have come under sharp criticism, given their complex nature and the assumptions they rely on. However, many central banks use them in policy analysis. Is this a misguided use of economists’ and policy makers’ time? This eBook reviews the use of DSGE models in policy institutions, the lessons learned, and the desirable ways forward. PDF Download Contents Foreword  Introduction: Are DSGE models useful for policymakers? Refet S. Gürkaynak and Cédric Tille Section I: How do DSGE models fit in the toolbox? DSGE models: A cup half full John C. Williams Bridging the gap between structural VAR and DSGE modelsKatrin Assenmacher DSGE models in monetary policy committeesStefan Gerlach Section II:  Lessons from DSGE use in policy analysis Using dynamic stochastic general equilibrium models at the New York FedMarco Del Negro and Marc Giannoni Empirical DSGE Models: from the Great Moderation, to the Great Recession and beyondAlejandro Justiniano, Giorgio Primiceri, Andrea Tambalotti Policy packages: Challenge and opportunity for DSGE researchFabio Ghironi DSGE models and counterfactual analysisGünter Coenen, Roberto Motto, Massimo Rostagno, Sebastian Schmidt and Frank Smets Section III:  What next? Some scattered thoughts on DSGE

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DSGE Models in the Conduct of Policy: Use as intended

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Contents

Foreword 

Introduction: Are DSGE models useful for policymakers? 
Refet S. Gürkaynak and Cédric Tille

Section I: How do DSGE models fit in the toolbox?

DSGE models: A cup half full 
John C. Williams

Bridging the gap between structural VAR and DSGE models
Katrin Assenmacher

DSGE models in monetary policy committees
Stefan Gerlach

Section II:  Lessons from DSGE use in policy analysis

Using dynamic stochastic general equilibrium models at the New York Fed
Marco Del Negro and Marc Giannoni

Empirical DSGE Models: from the Great Moderation, to the Great Recession and beyond
Alejandro Justiniano, Giorgio Primiceri, Andrea Tambalotti

Policy packages: Challenge and opportunity for DSGE research
Fabio Ghironi

DSGE models and counterfactual analysis
Günter Coenen, Roberto Motto, Massimo Rostagno, Sebastian Schmidt and Frank Smets

Section III:  What next?

Some scattered thoughts on DSGE models
Jordi Galí

Do DSGE models have a future?
Olivier Blanchard

Alex Cukierman
Alex Cukierman is Professor emeritus at Tel Aviv University, Professor of Economics at the Interdisciplinary Center and Research Fellow at CEPR. He got his Phd in Economics from MIT in 1972. Cukierman is author or co-author of four books and over a hundred scientific articles in the areas of macroeconomics, monetary economics, political economy and monetary policy and institutions.

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