Policy predictions if the model doesn’t fit
This paper uses a novel method for conducting policy analysis with potentially misspecified DSGE models (Del Negro and Schorfheide 2004) and applies it to a simple New Keynesian DSGE model. We illustrate the sensitivity of the results to assumptions on the policy invariance of model misspecifications.
Year of publication: |
2004
|
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Authors: | Negro, Marco Del ; Schorfheide, Frank |
Institutions: | Federal Reserve Bank of Atlanta |
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