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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:
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
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Relation:
Ekonomia = Economics, 2011, Nr 2 (14)
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