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dc.contributor.authorTovar, Camilo Ernestoen_US
dc.date.accessioned2009-08-12T07:14:46Z-
dc.date.available2009-08-12T07:14:46Z-
dc.date.issued2008en_US
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_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kiel-
dc.relation.ispartofseriesEconomics Discussion Papers / Institut für Weltwirtschaft 2008-30en_US
dc.subject.jelF37en_US
dc.subject.jelC5en_US
dc.subject.jelE58en_US
dc.subject.jelF47en_US
dc.subject.jelE37en_US
dc.subject.jelF41en_US
dc.subject.jelE52en_US
dc.subject.jelE32en_US
dc.subject.jelB4en_US
dc.subject.jelE0en_US
dc.subject.jelE50en_US
dc.subject.ddc330en_US
dc.subject.keywordDSGE modelsen_US
dc.subject.keywordCentral Banksen_US
dc.subject.keywordCommunicationen_US
dc.subject.keywordEstimationen_US
dc.subject.keywordModellingen_US
dc.subject.stwDynamic Stochastic General Equilibrium Modelen_US
dc.subject.stwCGE-Modellingen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwTransmissionsmechanismusen_US
dc.subject.stwSchätztheorieen_US
dc.subject.stwTheorieen_US
dc.titleDSGE Models and Central Banksen_US
dc.typeWorking Paperen_US
dc.identifier.ppn582142725en_US
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.en-
dc.identifier.repecRePEc:zbw:ifwedp:7406-
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