This article suggests the new approach to an approximation of nonlinear DSGE models moments. This approach is fast and accurate enough to use it for an estimation of nonlinear DSGE models. The small financial DSGE model is repeatedly estimated by several modifications of suggested approach....

We estimate a two-sector DSGE model with financial intermediaries—a-la Gertler and Karadi (2011) and Gertler and Kiyotaki (2010)—and quantify the importance of news shocks in accounting for aggregate and sectoral fluctuations. Our results indicate a significant role of financial market news...

Ce papier se propose d’analyse la dynamique de la politique monétaire en République démocratique du Congo (RDC), en adoptant une approche de modélisation par l’équilibre général dynamique stochastique (DSGE). Le modèle DSGE construit à cet effet considère trois relations...

We prove the existence of unique solutions for all undetermined coefficients of nonlinear perturbations of arbitrary order in a wide class of discrete time DSGE models under standard regularity and saddle stability assumptions for linear approximations. Our result follows from the...

We estimate small open economy models with involuntary unemployment using Australian data from 1993 to 2007, focusing on hiring costs and real wage rigidity. We find a strong preference for models with hiring costs, which account for 0.97% of GDP. The data favour models with real over nominal...

The paper introduces methods that allow analysts to (i) decompose the estimates of unobserved quantities into observed data and (ii) impose subjective prior constraints on path estimates of unobserved shocks in structural economic models. For instance, decomposition of output gap to output,...