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A Graphical Representation of an Estimated DSGE Model

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  • Kulish, Mariano
  • Jones, Callum

Abstract

We write a New Keynesian model as an aggregate demand curve and an aggregate supply curve, relating inflation to output growth. The graphical representation shows how structural shocks move aggregate demand and supply simultaneously. We estimate the curves on US data from 1948 to 2010. The Great Recession in 2008-09 is explained by a collapse of aggregate demand driven by adverse preference and permanent technology shocks, and expectations of low inflation.

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Bibliographic Info

Paper provided by CEPREMAP in its series Dynare Working Papers with number 3.

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Length: 12 pages
Date of creation: May 2011
Date of revision:
Handle: RePEc:cpm:dynare:003

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  1. Alvarez-Lois, Pedro & Harrison, Richard & Piscitelli, Laura & Scott, Alasdair, 2008. "On the application and use of DSGE models," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 32(8), pages 2428-2452, August.
  2. Pierpaolo Benigno, 2009. "New-Keynesian Economics: An AS-AD View," NBER Working Papers 14824, National Bureau of Economic Research, Inc.
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