Policy predictions if the model does not fit

• 成果类型: Article; Proceedings Paper
• 署名作者: Del Negro, M; Schorfheide, F
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Pennsylvania
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1162/1542476054472928
• 发表日期: 2005
• 页码: 434-443
• 关键词: uncertainty; priors

摘要

This paper uses a novel method for conducting policy analysis with potentially misspecified DSGE models and applies it to a simple New Keynesian DSGE model. We illustrate the sensitivity of the results to assumptions on the policy invariance of model misspecifications.