CORDIS Project
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This project aims to enhance Dynamic Stochastic General Equilibrium (DSGE) models by employing a likelihood approach to estimate non-linear and non-normal models. It focuses on improving the accuracy of economic predictions and policy advice by addressing limitations in traditional calibration methods and leveraging ad…
DSGE models are the standard tool of quantitative macroeconomics.
We use them to measure economics phenomena and to provide policy advice.
However, since Kydland and Prescott s 1982, the profession has fought about how to take these models to the data.
Kydland and Prescott proposed to calibrate their model.
Why?
Macroeconomists could not compute their models efficiently.
Moreover, the techniques required for estimating DSGE models using the likelihood did not exist.
Finally, models were ranked v…
FUNDACION CENTRO DE ESTUDIOS MONETARIOS Y FINANCIEROS
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