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DSGE Models in the Conduct of Policy: Use as intended

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.

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Gürkaynak, R and C Tille (eds), DSGE Models in the Conduct of Policy: Use as intended, CEPR Press, London. https://cepr.org/chapters/introduction-dsge-models-conduct-policy-use-intended

Citation

Coenen, G, R Motto, and M Rostagno (2017), “DSGE models and counterfactual analysis“, in S Schmidt, and F Smets (eds), DSGE Models in the Conduct of Policy: Use as intended, CEPR Press, London. https://cepr.org/chapters/dsge-models-and-counterfactual-analysis

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Williams, J (eds), DSGE Models in the Conduct of Policy: Use as intended, CEPR Press, London. https://cepr.org/chapters/dsge-models-cup-half-full

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Assenmacher, K (eds), DSGE Models in the Conduct of Policy: Use as intended, CEPR Press, London. https://cepr.org/chapters/bridging-gap-between-structural-var-and-dsge-models

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Gerlach, S (eds), DSGE Models in the Conduct of Policy: Use as intended, CEPR Press, London. https://cepr.org/chapters/dsge-models-monetary-policy-committees

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Del Negro, M and M Giannoni (eds), DSGE Models in the Conduct of Policy: Use as intended, CEPR Press, London. https://cepr.org/chapters/using-dynamic-stochastic-general-equilibrium-models-new-york-fed

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Justiniano, A, G Primiceri and A Tambalotti (eds), DSGE Models in the Conduct of Policy: Use as intended, CEPR Press, London. https://cepr.org/chapters/empirical-dsge-models-great-moderation-great-recession-and-beyond

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Ghironi, F (eds), DSGE Models in the Conduct of Policy: Use as intended, CEPR Press, London. https://cepr.org/chapters/policy-packages-challenge-and-opportunity-dsge-research

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Galí, J (eds), DSGE Models in the Conduct of Policy: Use as intended, CEPR Press, London. https://cepr.org/chapters/some-scattered-thoughts-dsge-models

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Blanchard, O (eds), DSGE Models in the Conduct of Policy: Use as intended, CEPR Press, London. https://cepr.org/chapters/do-dsge-models-have-future

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