| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP11461
|
| DP11461 New Methods for Macro-Financial Model Comparison and Policy Analysis |
| Volker Wieland
|
| 发表日期 | 2016-08-24
|
| 出版年 | 2016
|
| 语种 | 英语
|
| 摘要 | The global financial crisis and the ensuing criticism of macroeconomics have inspired researchers to explore new modeling approaches. There are many new models that deliver improved estimates of the transmission of macroeconomic policies and aim to better integrate the financial sector in business cycle analysis. Policy making institutions need to compare available models of policy transmission and evaluate the impact and interaction of policy instruments in order to design effective policy strategies. This paper reviews the literature on model comparison and presents a new approach for comparative analysis. Its computational implementation enables individual researchers to conduct systematic model comparisons and policy evaluations easily and at low cost. This approach also contributes to improving reproducibility of computational research in macroeconomic modeling. Several applications serve to illustrate the usefulness of model comparison and the new tools in the area of monetary and fiscal policy. They include an analysis of the impact of parameter shifts on the effects of fiscal policy, a comparison of monetary policy transmission across model generations and a cross-country comparison of the impact of changes in central bank rates in the United States and the euro area. Furthermore, the chapter includes a large-scale comparison of the dynamics and policy implications of different macro-financial models. The models considered account for financial accelerator effects in investment financing, credit and house price booms and a role for bank capital. A final exercise illustrates how these models can be used to
assess the benefits of leaning against credit growth in monetary policy. |
| 主题 | Monetary Economics and Fluctuations
|
| 关键词 | Macroeconomic models
Model comparison
Policy robustness
Macro-finance
monetary policy
|
| URL | https://cepr.org/publications/dp11461
|
| 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/540275
|
推荐引用方式
GB/T 7714 |
Volker Wieland. DP11461 New Methods for Macro-Financial Model Comparison and Policy Analysis. 2016.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
