Some Notes on Historical, Theoretical, and Empirical Background of DSGE Models

Kód výsledku v 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>

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

Some Notes on Historical, Theoretical, and Empirical Background of DSGE Models

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

Some Notes on Historical, Theoretical, and Empirical Background of DSGE Models

Popis výsledku anglicky

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.

Druh

J_x - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2014

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Národohospodářský obzor ? Review of Economic Perspectives

ISSN

1213-2446

e-ISSN

—

Svazek periodika

14

Číslo periodika v rámci svazku

2

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

20

Strana od-do

145-164

Kód UT WoS článku

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EID výsledku v databázi Scopus

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