Chapter 19: The science and art of DSGE modelling: II – model comparisons, model validation, policy analysis and general discussion
Restricted access

The previous chapter described the construction, calibration and the Bayesian estimation of DSGE models with a particular focus on the New Keynesian model. This chapter shows how model comparisons can be made and how the model’s success in fitting data can be assessed by comparing second moments and by a comparison with a benchmark DSGE-VAR. We then demonstrate how the estimated model can be used for computing optimal monetary policy.

You are not authenticated to view the full text of this chapter or article.

Access options

Get access to the full article by using one of the access options below.

Other access options

Redeem Token

Institutional Login

Log in with Open Athens, Shibboleth, or your institutional credentials

Login via Institutional Access

Personal login

Log in with your Elgar Online account

Login with you Elgar account
Handbook