in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed … macroeconomic policy analysis that is open to competing modeling paradigms. Macroeconomic model comparison projects have helped … models that may be used for quantitative analysis of monetary and fiscal stabilization policies. A computational platform is …

policy evaluation exercises, most central banks have added more detailed characterizations of the financial sector to these … elevated degree of model uncertainty relative to earlier model generations. Policy transmission is highly heterogeneous across … types of financial frictions and monetary policy causes larger effects, on average. The New Keynesian DSGE models we analyze …

The global financial crisis has lead to a renewed interest in discretionary fiscal stimulus. Advocates of discretionary … boost euro area GDP by more than one for one. Because of modeling uncertainty, it is essential that such policy evaluations … macroeconomic models with Keynesian features such as price and wage rigidities to evaluate the impact of fiscal stimulus. Four of …