Inflation in the Great Recession and New Keynesian Models: Comment

Ray C. Fair ()
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Ray C. Fair: Cowles Foundation, Yale University, https://economics.yale.edu/people/faculty/ray-fair

No 2166, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: This comment points out mismeasurement of three of the variables in the DSGE model in Del Negro, Giannoni, and Schorfheide (2015). These errors began with the model in Smets and Wouters (2007), and they also exist in other models that use the Smets-Wouters model as a benchmark. The mismeasurement appears serious enough to call into question the reliability of empirical results using these variables.

Keywords: DSGE models; Macro data (search for similar items in EconPapers)
JEL-codes: E12 E32 E7 (search for similar items in EconPapers)
Pages: 9 pages
Date: 2019-02
New Economics Papers: this item is included in nep-dge and nep-mac
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