Some Notes on Historical, Theoretical, and Empirical Background of DSGE Models
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F14%3A00075917" target="_blank" >RIV/00216224:14560/14:00075917 - isvavai.cz</a>
Result on the web
<a href="http://nho.econ.muni.cz/14-2014/2-2014/some-notes-historical-theoretical-and-empirical-background-dsge-models" target="_blank" >http://nho.econ.muni.cz/14-2014/2-2014/some-notes-historical-theoretical-and-empirical-background-dsge-models</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.2478/revecp-2014-0008" target="_blank" >10.2478/revecp-2014-0008</a>
Alternative languages
Result language
angličtina
Original language name
Some Notes on Historical, Theoretical, and Empirical Background of DSGE Models
Original language description
In this paper I present the historical, theoretical and empirical background of DSGE models. I show that the fundament of these models lies in optimizing agents framework and argue which impulses fueled the development of DSGE models. I demonstrate the evolution of DSGE models with an accent on the role and effects of the monetary policy, using distinction between RBC models and New Keynesian models. I explain the paradigm shift from the RBC models to the New Keynesian models by pointing out the main pitfalls of the RBC models and showing how adding nominal rigidities to the otherwise standard RBC models enhances empirical properties of these models. I also discuss how nominal rigidities are modeled in New Keynesian DSGE models and what the pros and cons of different approaches are. Finally, I review the most important New Keynesian theories of nominal rigidities and some of the empirical evidence on price and wage rigidities.
Czech name
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Czech description
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Classification
Type
J<sub>x</sub> - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
CEP classification
AH - Economics
OECD FORD branch
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Result continuities
Project
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Continuities
S - Specificky vyzkum na vysokych skolach
Others
Publication year
2014
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
Národohospodářský obzor ? Review of Economic Perspectives
ISSN
1213-2446
e-ISSN
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Volume of the periodical
14
Issue of the periodical within the volume
2
Country of publishing house
CZ - CZECH REPUBLIC
Number of pages
20
Pages from-to
145-164
UT code for WoS article
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EID of the result in the Scopus database
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