Record ID | marc_loc_updates/v36.i41.records.utf8:10787841:2183 |
Source | Library of Congress |
Download Link | /show-records/marc_loc_updates/v36.i41.records.utf8:10787841:2183?format=raw |
LEADER: 02183nam a22003017a 4500
001 2008613042
003 DLC
005 20081009161443.0
007 cr |||||||||||
008 081009s2008 mou sb i000 0 eng
010 $a 2008613042
040 $aDLC$cDLC
050 00 $aHG3879
100 1 $aTovar Mora, Camilo Ernesto.
245 10 $aDSGE models and central banks$h[electronic resource] /$cby Camilo E. Tovar.
260 $aBasel, Switzerland :$bBank for International Settlements,$cc2008.
490 0 $aBIS working papers,$x1682-7678 ;$vno. 258
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file (viewed on Oct. 10, 2008).
500 $a"September 2008."
500 $a"Monetary and Economic Department."
530 $aAlso available in print.
520 3 $aOver the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and forecasting. This paper reviews some issues and challenges surrounding the use of these models at central banks. It recognises that they offer coherent frameworks for structuring policy discussions. Nonetheless, they are not ready to accomplish all that is being asked of them. First, they still need to incorporate relevant transmission mechanisms or sectors of the economy; second, issues remain on how to empirically validate them; and finally, challenges remain on how to effectively communicate their features and implications to policy makers and to the public. Overall, at their current stage DSGE models have important limitations. How much of a problem this is will depend on their specific use at central banks.
504 $aIncludes bibliographical references.
653 $aDSGE models ;$acentral banks ;$amonetary policy ;$acommunication and forecasting
710 2 $aBank for International Settlements.$bMonetary and Economic Dept.
856 42 $3Summary page with link to full-text PDF report$uhttp://www.bis.org/publ/work258.htm