Title:

The financial crisis and DSGE models. A critical evaluation

Group publication title:

Ekonomia XXI Wieku = Economics of the 21st Century

Title in english:

Kryzys finansowy a modele DSGE. Krytyczna ocena

Creator:

Stelmach, Jerzy

Subject and Keywords:

DSGE models ; macroeconomics ; financial crisis

Description:

Ekonomia = Economics, 2011, Nr 2 (14), s. 68-77

Abstrakt:

The global financial crisis has spurred a critical debate about the state of macroeconomics as a discipline and prompted new research questions. The one of the strongest line of critique is directed toward the Dynamic Stochastic General Equilibrium (DSGE) models. In such a context, the aim of this article is twofold. First, to point out in a non-technical manner the main deficiencies of the DSGE modelling approach; particularly, with respect to the inadequate treatment of financial markets. Second, to provide the overview of some recent developments in this area. The conclusion of this paper is that despite the substantial advances in the DSGE methodology, many important challenges remain unaddressed

Publisher:

Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu

Place of publication:

Wrocław

Date:

2011

Resource Type:

artykuł

Format:

application/pdf

Language:

eng

Relation:

Ekonomia = Economics, 2011, Nr 2 (14)

Rights:

Wszystkie prawa zastrzeżone (Copyright)

Access Rights:

Dla wszystkich w zakresie dozwolonego użytku

Location:

Uniwersytet Ekonomiczny we Wrocławiu