Philly Fed reviews DSGE models
A Philadelphia Federal Reserve paper published on Tuesday reviews recent advances in the estimation and evaluation of dynamic stochastic general equilibrium (DSGE) models and discusses current challenges in the use of the model in empirical studies.
Frank Schorfheide, the paper's author, says one of the challenges in the research is distinguishing between aggregate uncertainty and mis-specification of endogenous propagation. He says macroeconomic fluctuations in DSGE models are generated by
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