About: Some Notes on Historical, Theoretical, and Empirical Background of DSGE Models

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rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
rdfs:seeAlso	http://nho.econ.muni.cz/14-2014/2-2014/some-notes-historical-theoretical-and-empirical-background-dsge-models
Description	In this paper I present the historical, theoretical and empirical background of DSGE models. I show that the fundament of these models lies in optimizing agents framework and argue which impulses fueled the development of DSGE models. I demonstrate the evolution of DSGE models with an accent on the role and effects of the monetary policy, using distinction between RBC models and New Keynesian models. I explain the paradigm shift from the RBC models to the New Keynesian models by pointing out the main pitfalls of the RBC models and showing how adding nominal rigidities to the otherwise standard RBC models enhances empirical properties of these models. I also discuss how nominal rigidities are modeled in New Keynesian DSGE models and what the pros and cons of different approaches are. Finally, I review the most important New Keynesian theories of nominal rigidities and some of the empirical evidence on price and wage rigidities. In this paper I present the historical, theoretical and empirical background of DSGE models. I show that the fundament of these models lies in optimizing agents framework and argue which impulses fueled the development of DSGE models. I demonstrate the evolution of DSGE models with an accent on the role and effects of the monetary policy, using distinction between RBC models and New Keynesian models. I explain the paradigm shift from the RBC models to the New Keynesian models by pointing out the main pitfalls of the RBC models and showing how adding nominal rigidities to the otherwise standard RBC models enhances empirical properties of these models. I also discuss how nominal rigidities are modeled in New Keynesian DSGE models and what the pros and cons of different approaches are. Finally, I review the most important New Keynesian theories of nominal rigidities and some of the empirical evidence on price and wage rigidities. (en)
Title	Some Notes on Historical, Theoretical, and Empirical Background of DSGE Models Some Notes on Historical, Theoretical, and Empirical Background of DSGE Models (en)
skos:prefLabel	Some Notes on Historical, Theoretical, and Empirical Background of DSGE Models Some Notes on Historical, Theoretical, and Empirical Background of DSGE Models (en)
skos:notation	RIV/00216224:14560/14:00075917!RIV15-MSM-14560___
http://linked.open...avai/riv/aktivita	S
http://linked.open...avai/riv/aktivity	S
http://linked.open...iv/cisloPeriodika	2
http://linked.open...vai/riv/dodaniDat	2015
http://linked.open...aciTvurceVysledku	Slanicay, Martin
http://linked.open.../riv/druhVysledku	J - Článek v odborném periodiku
http://linked.open...iv/duvernostUdaju	S - Úplné a pravdivé údaje nepodléhající ochraně podle zvláštních právních předpisů
http://linked.open...titaPredkladatele	Masarykova univerzita / Ekonomicko-správní fakulta
http://linked.open...dnocenehoVysledku	45977
http://linked.open...ai/riv/idVysledku	RIV/00216224:14560/14:00075917
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	DSGE model; RBC; New Keynesian; monetary policy; business cycle; price rigidity; wage rigidity (en)
http://linked.open.../riv/klicoveSlovo	monetary policy RBC business cycle DSGE model New Keynesian price rigidity wage rigidity
http://linked.open...odStatuVydavatele	CZ - Česká republika
http://linked.open...ontrolniKodProRIV	[A788DA65B1BE]
http://linked.open...i/riv/nazevZdroje	Národohospodářský obzor – Review of Economic Perspectives
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	1 (xsd:int)
http://linked.open...cetTvurcuVysledku	1 (xsd:int)
http://linked.open...UplatneniVysledku	2014
http://linked.open...v/svazekPeriodika	14
http://linked.open...iv/tvurceVysledku	Slanicay, Martin
issn	1213-2446
number of pages	20 (xsd:int)
http://bibframe.org/vocab/doi	10.2478/revecp-2014-0008
http://localhost/t...ganizacniJednotka	14560

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