Dynamic stochastic general equilibrium models

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Dynamic stochastic general equilibrium models ( English dynamic stochastic general equilibrium , also: DGE models ) are macroeconomic models that try to explain economic phenomena such as economic growth and business cycles as well as the effects of economic policy through econometric models based on the applied general equilibrium theory and microeconomic principles based ( microfoundation ). This includes both new classical and New Keynesian models . DSGE models are now part of the standard approach to macroeconomic analyzes.

description

DSGE models are mostly based on the assumption of rational expectations . They derive individual behavior from intertemporal optimizations of households and companies ( microfoundation ). They also describe general equilibria , so they are considerably more demanding than partial models. The consideration of economic shocks gives these models a stochastic character. In contrast to New Classical Models , New Keynesian Models emphasize the importance of inflexible prices ( sticky prices ) and monopolistic competition .

The DSGE models attempt to explain a number of aggregated economic phenomena, such as economic growth , business cycles or the effects of monetary policy .

Many DSGE models can only be solved with special software (e.g. Dynare or IRIS and others).

DSGE models have been criticized because they were not convincing in forecasting and coping with the global financial crisis and were only suitable for "good weather" ( English fair weather ). Alternatives that deviate from the equilibrium assumption of the DSGE models are, for example, dynamic stock-flow consistent models or agent-based modeling .

literature

Stefan Homburg: A Study in Monetary Macroeconomics . Oxford 2017: Oxford University Press, ISBN 978-0-19-880753-7 .

Individual evidence

  1. ^ Walsh, Carl E. Monetary theory and policy. MIT press, 2010. p. 329.
  2. ↑ Heinemann, Maik. Dynamic macroeconomics. Springer Berlin Heidelberg, 2015. p. 163.
  3. ↑ DYNARE.org
  4. ↑ IRIS on Github
  5. ↑ DSGE.net
  6. ^ CAE Goodhart: The continuing muddles of monetary theory: A steadfast refusal to face facts. In: Economica, Volume 76, 2009, pp. 821-830, doi : 10.1111 / j.1468-0335.2009.00790.x .
  7. ↑ Paul Romer : The Trouble With Macroeconomics ( Memento of the original from January 30, 2019 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , September 14, 2016. @1@ 2Template: Webachiv / IABot / paulromer.net
  8. ↑ Eugenio Caverzasi, Antoine Godin: Post-Keynesian stock-flow consistent modeling: a survey . In: Cambridge Journal of Economics . tape 39 , no. 1 , January 2015, p. 157-187 , doi : 10.1093 / cje / beu021 . Pre-printed as Working Paper 745, Levy Institute , 2013.
  9. ↑ Michalis Nikiforos, Gennaro Zezza: Stock-Flow Consistent Macroeconomics Models: A Survey . In: Journal of Economic Surveys , Volume 31, Number 5, December 2017, pp. 1204–1239, doi : 10.1111 / joes.12221 .

Web links