Macrofinancial modeling at central banks : recent developments and future directions

Scott Roger and Jan Vlcek

This paper surveys dynamic stochastic general equilibrium models with financial frictions in use by central banks and discusses priorities for future development of such models for the purpose of monetary and financial stability analysis. It highlights the need to develop macrofinancial models which allow analysis of the macroeconomic effects of macroprudential policy tools and to evaluate elements of the Basel III reforms as a priority. The paper also reviews the main approaches to introducing financial frictions into general equilibrium models

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Year of publication:	2012
Authors:	Roger, Scott ; Vlček, Jan
Publisher:	Washington, DC : Internat. Monetary Fund
Subject:	Geldpolitik \| Monetary policy \| Dynamisches Gleichgewicht \| Dynamic equilibrium

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Extent:	Online-Ressource (PDF-Datei: 38 S., 1,060 KB)
Series:	IMF working papers. - Washington, DC : IMF, ZDB-ID 2108494-4. - Vol. 12/21 IMF Working Papers
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Includes bibliographical references Systemvoraussetzungen: Acrobat Reader Cover; Contents; I. Introduction; II. Macrofinancial DSGE Models in Use by Central Banks; A. Models in Use Before the Crisis; Tables; 1. Central Bank Forecasting and Policy Analysis Models Prior to 2008; B. Model Development Since the Crisis; 2. Central Bank DSGE Forecasting Models Since 2008; 3. Published Central Bank Models with Financial Frictions; III. Challenges and Priorities for Model Development; References; Appendix; I. Approaches to Embedding Financial Frictions, Transmission Channels, and Risks in DSGE Models; 4. Approaches to Modeling Financial Frictions Electronic reproduction; Available via World Wide Web
ISBN:	978-1-4639-3183-4 ; 978-1-4639-3183-4
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10009423918