Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/27466 
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dc.contributor.authorTovar, Camilo Ernestoen
dc.date.accessioned2009-08-12T07:14:46Z-
dc.date.available2009-08-12T07:14:46Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/27466-
dc.description.abstractOver 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.en
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aEconomics Discussion Papers |x2008-30en
dc.subject.jelF37en
dc.subject.jelC5en
dc.subject.jelE58en
dc.subject.jelF47en
dc.subject.jelE37en
dc.subject.jelF41en
dc.subject.jelE52en
dc.subject.jelE32en
dc.subject.jelB4en
dc.subject.jelE0en
dc.subject.jelE50en
dc.subject.ddc330en
dc.subject.keywordDSGE modelsen
dc.subject.keywordCentral Banksen
dc.subject.keywordCommunicationen
dc.subject.keywordEstimationen
dc.subject.keywordModellingen
dc.subject.stwDynamic Stochastic General Equilibrium Modelen
dc.subject.stwCGE-Modellingen
dc.subject.stwGeldpolitiken
dc.subject.stwTransmissionsmechanismusen
dc.subject.stwSchätztheorieen
dc.subject.stwTheorieen
dc.titleDSGE Models and Central Banks-
dc.typeWorking Paperen
dc.identifier.ppn582142725en
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.enen
dc.identifier.repecRePEc:zbw:ifwedp:7406en

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