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CESifo Economic Studies Advance Access originally published online on November 28, 2006
CESifo Economic Studies 2006 52(4):640-665; doi:10.1093/cesifo/ifl014
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© The Author 2006. Published by Oxford University Press on behalf of Ifo Institute for Economic Research, Munich. All rights reserved. For permissions, please email: journals.permissions@oxfordjournals.org

Dynamic Stochastic General Equilibrium Models as a Tool for Policy Analysis

Jana Kremer*, Giovanni Lombardo{dagger}, Leopold von Thadden{ddagger} and Thomas Werner§

*Deutsche Bundesbank, Wilhelm-Epstein-Strasse 14, D-60431 Frankfurt/Main, Germany, e-mail: Jana.Kremer{at}bundesbank.de.
{dagger}European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt/Main, Germany, e-mail: giovanni.lombardo{at}ecb.int.
{ddagger}European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt/Main, Germany, e-mail: leopold.von_thadden{at}ecb.int.
§European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt/Main, Germany, e-mail: thomas.werner{at}ecb.int.

This article discusses the evolution of dynamic macroeconomic models from calibrated Real Business Cycle models to estimated dynamic stochastic general equilibrium models. The purpose is to suggest the usefulness of these models as a tool for policy analysis, with a particular emphasis on aspects of monetary policy. (JEL classification: D58, E50)

The views expressed in this paper are those of the authors and do not necessarily reflect the views of the Deutsche Bundesbank and the European Central Bank.


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