History of the Dynamic Stochastic General Equilibrium (DSGE) Approach

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Authors

MUSIL Karel

Year of publication 2007
Type Article in Proceedings
Conference MEKON 2007, Sborník abstraktů příspěvků IX. ročníku mezinárodní konference EKF VŠB - TU Ostrava
MU Faculty or unit

Faculty of Economics and Administration

Citation
Field Economy
Keywords Dynamic Stochastic General Equilibrium (DSGE) model; structural model; RBC model; the Redux model; New Keynesian DSGE model
Description The paper describes basic characteristics of the Dynamic Stochastic General Equilibrium (DSGE) theory and its application on a modeling. It introduces reasons for an establishing and development of the theory. It tries to specify a relatively very heterogeneous group of the DSGE models and their connection to the GE models. The part about history of the DSGE theory contains a description of the Redux model, an introduction of its basic characteristics and its influence on a subsequent development of economic models. There is and attempt to explain a connection between the DSGE models and the New Keynesian theory as well.
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