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- W1569108204 abstract "Pioneered by the Cowles Commission and the University of Pennsylvania in the early 1950s, macroeconometric models initially established themselves as outstanding decision-support tools. Proponents of these models wanted to use them to describe the mechanisms underlying overall economic activity more effectively. In so doing, they hoped, among other things, to perform more complex forecasts and simulations than had previously been possible.Critics started to come forward in the 1970s, showing that the models did not have all their purported qualities. Macroeconomists proposed a variety of approaches to address the criticism. Dynamic stochastic general equilibrium (DSGE) models were an important milestone in this process.Keen to equip themselves with a robust and accurate decision-support toolbox, central banks have kept step with advances in macroeconometric modelling. They were responsible for some developments and today are active users of DSGE models. These models now play an essential role in performing macroeconomic analyses and evaluating economic policies and are increasingly used in macroeconomic forecasting.This article gives a brief history of macroeconometric modelling, highlighting the merits of the different approaches used. It reviews the contribution made by DSGE models, particularly in terms of evaluating monetary policy." @default.
- W1569108204 created "2016-06-24" @default.
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- W1569108204 date "2007-01-01" @default.
- W1569108204 modified "2023-09-22" @default.
- W1569108204 title "DSGE models and their importance to central banks" @default.
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