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Dynare and Dynamic Stochastic General Equilibrium Models: Application to New Keynesian Models(in Japanese)

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  • YANO Koiti

Abstract

This paper is an introduction to Dynare and New Keynesian, dynamic stochastic general equilibrium models. In recent years, micro-founded macroeconomic models is a hot topic in monetary policy analysis, for example, Yun (1996), Gali (2002). A simple new Keynesian model is often called new IS-LM. Christiano et al. (2005) propose a medium-scale DSGE model (hybrid new IS-LM), and the extensions of it is often used in governments and central banks. This paper shows simulating new IS-LM and hybrid new IS-LM using Dynare. Moreover, we show simulating hybrid new IS-LM with liquidity-constraint household to analyze fiscal policy.

Suggested Citation

  • YANO Koiti, 2008. "Dynare and Dynamic Stochastic General Equilibrium Models: Application to New Keynesian Models(in Japanese)," ESRI Discussion paper series 203, Economic and Social Research Institute (ESRI).
  • Handle: RePEc:esj:esridp:203
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