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March 2010 issue
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Corsetti, Levin, Smets, Walsh
Corsetti, Meier, Müller
Wieland
Gaiotti
Le Bihan
Galí
Fujiwara, Sudo, Teranishi
Pesenti
Levin, López-Salido, Nelson, Yun
King
Sims
Freedman, Kumhof, Laxton, Muir
Wouters
Walsh
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Commentary: Using Models for Monetary Policy Analysis

by Carl E. Walsh
University of California, Santa Cruz

Abstract

Modern policy analysis makes extensive use of dynamic stochastic general equilibrium (DSGE) models. These models differ significantly from earlier generations of large-scale econometric models. I review what I see as major progress in the ability of economists to conduct model-based policy analysis. This progress has come through the evolution in the types of models being used and in a refinement of the types of questions asked of these models.

JEL Codes: E17, E52.

 
Full article (PDF, 12 pages 237 kb)