DSGE and beyond – expanding the paradigm in monetary policy research?
Dynamic Stochastic General Equilibrium constitutes nowadays a standard modeling framework for monetary policy analysis. It is commonly accepted and utilized by both central banks and the academia. It serves as a methodological paradigm within which theoretical arguments and empirical investigations are conducted. Simultaneously, the profession recognizes the fact, that the DSGE approach, as we know it today, has substantial limitations. Some of the most urgent issues involve the systematic treatment of heterogeneity, bounded rationality and complex dynamic interactions between economic agents. Estimation issues and computational challenges also arise in this context. Hence, important questions arise: - What is the future of DSGE models in central banks? - What are the main advantages and flaws of the current generation of DSGE models and their estimation methods? - Are agent heterogeneity and complex interactions important for monetary policy analysis? - Are there any alternative plausible paradigms of macro-modeling? - Will the mainstream shift towards a more flexible approach like agent-based computational economics? - What are the consequences of alternative approaches for optimal monetary policy implementation?
|Event dates:||2011-09-29 – 2011-09-30|
|Deadline Call for Papers:||2011-04-30|
|Organizer:||National Bank of Poland NBP|
|Conference venue:||Warsaw, NBP|
|Classification:||C1 - Econometric and Statistical Methods: General ; C5 - Econometric Modeling ; C6 - Mathematical Methods and Programming ; E5 - Monetary Policy, Central Banking and the Supply of Money and Credit|
|Event type:||Konferenzen, Tagungen; Conferences|
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