Uncertainty about an economy’s regime can change drastically around a crisis. An imported crisis such as the global financial crisis in the euro area highlights the effect of foreign shocks. Estimating an open-economy nonlinear dynamic stochastic general equilibrium model for the euro area and...

New simple forms of deviation from rational expectation (RE) are suggested: strong near rational expectation (SNRE) and weak near rational expectation (WNRE). The medium-scale DSGE model is estimated with the RE, the SNRE and the WNRE. It is estimated with and without observed from the surveys...

There are a lot of DSGE models that haven't debts control elements. Debts often set to zero. Two modification of small closed DSGE model is created (with independent central bank and with joint budget). Each modification has debts control elements at monetary policy and fiscal policy....

New simple forms of deviation from rational expectations (RE) are suggested: temporary near-rational expectations (TNRE) and persistent near-rational expectations (PNRE). The medium-scale DSGE model was estimated with the RE, the TNRE and the PNRE. It was estimated with and without observations...

In price formation it has become customary to consider two main types of price stickiness: by Rotemberg (Rotemberg (1982)) and by Calvo (Calvo (1983)). The nonlinear DSGE models (with different types of stickiness) are estimated for 11 different countries (both developed and emerging markets)....