全球智库信息集成服务系统(G2TT): DP8814 A New Comparative Approach to Macroeconomic Modeling and Policy Analysis

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP8814
	DP8814 A New Comparative Approach to Macroeconomic Modeling and Policy Analysis
	Volker Wieland; Tobias Cwik; Maik Wolters; Sebastian Schmidt
发表日期	2012-02-01
出版年	2012
语种	英语
摘要	In the aftermath of the global financial crisis, the state of macroeconomic modeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed for relying too much on a particular class of macroeconomic models. This paper proposes a comparative approach to macroeconomic policy analysis that is open to competing modeling paradigms. Macroeconomic model comparison projects have helped produce some very influential insights such as the Taylor rule. However, they have been infrequent and costly, because they require the input of many teams of researchers and multiple meetings to obtain a limited set of comparative findings. This paper provides a new approach that enables individual researchers to conduct model comparisons easily, frequently, at low cost and on a large scale. Using this approach a model archive is built that includes many well-known empirically estimated models that may be used for quantitative analysis of monetary and fiscal stabilization policies. A computational platform is created that allows straightforward comparisons of models' implications. Its application is illustrated by comparing different monetary and fiscal policies across selected models. Researchers can easily include new models in the data base and compare the effects of novel extensions to established benchmarks thereby fostering a comparative instead of insular approach to model development.
主题	International Macroeconomics
关键词	Fiscal policy Macroeconomic models Model comparison Model uncertainty monetary policy Policy rules Robustness
URL	https://cepr.org/publications/dp8814
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/537650
推荐引用方式 GB/T 7714	Volker Wieland,Tobias Cwik,Maik Wolters,et al. DP8814 A New Comparative Approach to Macroeconomic Modeling and Policy Analysis. 2012.