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Dynamic stochastic general equilibrium modeling (abbreviated as DSGE, or DGE, or sometimes SDGE) is a macroeconomic method which is often employed by monetary and fiscal authorities for policy analysis, explaining historical time-series data, as well as future forecasting purposes.
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See moreAs a practical matter, people often use the term "DSGE models" to refer to a particular class of econometric, quantitative models of business cycles or economic growth called real business cycle (RBC) models. Considered to be classicly
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See moreThe formulation and analysis of monetary policy has undergone significant evolution in recent decades and the development of DSGE models has played a key role in this process. As was afore
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See moreIn a 1976 paper, Robert Lucas argued that it is naive to try to predict the effects of a change in economic policy entirely on the basis of relationships observed in historical data, especially highly aggregated historical data. Lucas claimed that the decision rules of
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See moreIn the 1980s, macro models emerged that attempted to directly respond to Lucas through the use of rational expectations econometrics
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By applying dynamic principles, dynamic stochastic general equilibrium models contrast with the static models studied in applied general equilibrium...
See moreBank of Lithuania Deputy Chairman Raimondas Kuodis disputes the very title of DSGE analysis: The models, he claims, are neither dynamic (since they contain no evolution of stocks of
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See moreFederal Reserve Bank of Minneapolis president Narayana Kocherlakota acknowledges that DSGE models were "not very useful" for analyzing the financial crisis of 2007-2010 but
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