Chapter 19: The science and art of DSGE modelling: II – model comparisons, model validation, policy analysis and general discussion
Cristiano Cantore, Vasco J. Gabriel, Paul Levine, Joseph Pearlman, and Bo Yang
Category:
Handbook Chapter
Published:
30 Jul 2013
Page Range:
441–463
Collection:
Economics 2013
DOI:
https://doi.org/10.4337/9780857931023.00027
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.

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Cover Handbook of Research Methods and Applications in Empirical Macroeconomics
Handbook of Research Methods and Applications in Empirical Macroeconomics
Edited by Nigar Hashimzade and Michael A. Thornton
Handbook
Published:
30 Jul 2013
Print ISBN:
9780857931016
eISBN:
9780857931023
DOI:
https://doi.org/10.4337/9780857931023
Pages:
640
Collection:
Economics 2013
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