Policy Predictions If the Model Does Not Fit

This paper uses a novel method for conducting policy analysis with potentially misspecified DSGE models and applies it to a simple New Keynesian DSGE model. We illustrate the sensitivity of the results to assumptions on the policy invariance of model misspecifications.

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Bibliographische Detailangaben
Veröffentlicht in:	Journal of the European Economic Association 2005-04, Vol.3 (2/3), p.434-443
Hauptverfasser:	Del Negro, Marco, Schorfheide, Frank
Format:	Artikel
Sprache:	eng
Schlagworte:	Economic models Economic policy Empirical Models for Monetary Policy Forecasts Inflation rates Interest rates Keynesianism Macroeconomic modeling Modeling Musical intervals Neokeynesianism Parametric models Policy analysis Vector autoregression
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