This note develops simple conditions from which to determine the most concise VARMA representation of a given DSGE model. It is proven analytically that the Smets and Wouters (2007) model has exact VARMA (3,2) representation. In this model, the largest possible subset of structural parameters...

Macroeconomic equations, including the consumption Euler equation and New Keynesian Phillips curve, are regularly estimated on an individual basis. However, such relations also jointly determine equilibrium. This paper establishes that individual macroeconomic equations are only seemingly...

We study perfect information games with an infinite horizon played by an arbitrary number of players. This class of games includes infinitely repeated perfect information games, repeated games with asynchronous moves, games with long and short run players, games with overlapping generations of...