Commentary: Using Models for Monetary Policy Analysis

Carl Walsh

International Journal of Central Banking, 2010, vol. 6, issue 1, 259-270

Abstract: Modern policy analysis makes extensive use of dynamic stochastic general equilibrium (DSGE) models. These models differ significantly from earlier generations of large-scale econometric models. I review what I see as major progress in the ability of economists to conduct model-based policy analysis. This progress has come through the evolution in the types of models being used and in a refinement of the types of questions asked of these models.

JEL-codes: E17 E52 (search for similar items in EconPapers)
Date: 2010
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