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Do DSGE Models Have a Future?

Listed author(s):
  • Olivier Blanchard

    ()

    (Peterson Institute for International Economics)

Dynamic stochastic general equilibrium (DSGE) models have come to play a dominant role in macroeconomic research. Some see them as the sign that macroeconomics has become a mature science, organized around a microfounded common core. Others see them as a dangerous dead end. This Policy Brief argues that the current DSGE models are seriously flawed, but they are eminently improvable and central to the future of macroeconomics. To improve, however, they have to become less insular, by drawing on a much broader body of economic research. They also have to become less imperialistic and accept to share the scene with other types of general equilibrium models.

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File URL: https://piie.com/publications/policy-briefs/do-dsge-models-have-future
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Paper provided by Peterson Institute for International Economics in its series Policy Briefs with number PB16-11.

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Date of creation: Aug 2016
Handle: RePEc:iie:pbrief:pb16-11
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