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DSGE models and central banks
Tovar Mora, Camilo Ernesto (Avtor)

URLURL - Predstavitvena datoteka, za dostop obiščite http://www.bis.org/publ/work258.pdf?noframes=1 Povezava se odpre v novem oknu

Izvleček
Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and forecasting. This paper reviews some issues and challenges surrounding the use of these models at central banks. It recognises that they offer coherent frameworks for structuring policy discussions. Nonetheless, they are not ready to accomplish all that is being asked of them. First, they still need to incorporate relevant transmission mechanisms or sectors of the economy; second, issues remain on how to empirically validate them; and finally, challenges remain on how to effectively communicate their features and implications to policy makers and to the public. Overall, at their current stage DSGE models have important limitations. How much of a problem this is will depend on their specific use at central banks.

Jezik:Angleški jezik
Ključne besede:monetarna politika, centralne banke, ekonomska predvidevanja, modeli, stohastični procesi, ocene, metode, monetary policy, central banks, economic forecasting, models, stochastic processes, evaluation, methods
Vrsta gradiva:Delo ni kategorizirano (r6)
Organizacija:EF - Ekonomska fakulteta
Leto izida:2008
Založnik:Bank for International Settlements, Monetary and Economic Dept.
Št. strani:V, 25 str.
Kraj:Basel (Switzerland)
UDK:336.71
COBISS.SI-ID:18449894 Povezava se odpre v novem oknu
Število ogledov:704
Število prenosov:262
Metapodatki:XML RDF-CHPDL DC-XML DC-RDF
 
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