Mittwoch, 11. Mai 2011

DSGE-Straitjacket

Sehr guter Aufsatz von Pesaran und Smith über die Nachteile einer zu engen Fokussierung auf mikrofundierte DSGE-Modelle zur Analyse der Makroökonomie.
"Academic macroeconomics and the research department of central banks have come to be dominated by Dynamic, Stochastic, General Equilibrium (DSGE) models based on microfoundations of optimising representative agents with rational expectations. We argue that the dominance of this particular sort of DSGE and the resistance of some in the profession to alternatives has become a straitjacket that restricts empirical and theoretical experimentation and inhibits innovation and that the profession should embrace a more flexible approach to macroeconometric modelling. We describe one possible approach."

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