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Policy Predictions if the Model Does Not Fit

Marco Del Negro () and Frank Schorfheide ()

Journal of the European Economic Association, 2005, vol. 3, issue 2-3, 434-443

Abstract: This paper uses a novel method for conducting policy analysis with potentially misspecified DSGE models and applies it to a simple New Keynesian DSGE model. We illustrate the sensitivity of the results to assumptions on the policy invariance of model misspecifications. (JEL: C32, E52) Copyright (c) 2005 The European Economic Association.

Date: 2005
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Journal of the European Economic Association is currently edited by Xavier Vives, George-Marios Angeletos, Orazio P. Attanasio, Fabio Canova and Roberto Perotti

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