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DSGE models for monetary policy analysis

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  • Lawrence J. Christiano
  • Mathias Trabandt
  • Karl Walentin

Abstract

Monetary DSGE models are widely used because they fit the data well and can be used to address important monetary policy questions. We provide a selective review of these developments. Policy analysis with DSGE models requires using data to assign numerical values to model parameters. The paper describes and implements Bayesian moment matching and impulse response matching procedures for this purpose.

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File URL: http://www.frbatlanta.org/documents/cqer/publicationscq/cqerwp/cqer_wp10-03.pdf
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Bibliographic Info

Paper provided by Federal Reserve Bank of Atlanta in its series CQER Working Paper with number 2010-02.

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Date of creation: 2010
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Handle: RePEc:fip:fedacq:2010-02

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  1. Dupor, Bill & Han, Jing & Tsai, Yi-Chan, 2009. "What do technology shocks tell us about the New Keynesian paradigm?," Journal of Monetary Economics, Elsevier, vol. 56(4), pages 560-569, May.
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  3. Kai Christoffel & James Costain & Gregory de Walque & Keith Kuester & Tobias Linzert & Stephen Millard & Olivier Pierrard, 2009. "Inflation dynamics with labour market matching: assessing alternative specifications," Working Papers 09-6, Federal Reserve Bank of Philadelphia.
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  18. Alexopoulos, Michelle, 2004. "Unemployment and the business cycle," Journal of Monetary Economics, Elsevier, vol. 51(2), pages 277-298, March.
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