Perturbation Methods: Model Evaluation and Applications

Burkhard Heer and Alfred Maußner ()
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Alfred Maußner: University of Augsburg

Chapter Chapter 4 in Dynamic General Equilibrium Modeling, 2024, pp 155-230 from Springer

Abstract: Abstract This chapter introduces readers to two standard tools for evaluating the solution of a dynamic stochastic general equilibrium (DSGE) model: second moments and impulse response functions. Drawing on these diagnostic tools, Heer and Maußner consider three applications: the benchmark business cycle model, a time-to-build variant of this model, and a New Key-nesian model with consumption habits, investment adjustment costs, and sticky nominal prices and wages for the study of monetary policy.

Date: 2024
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DOI: 10.1007/978-3-031-51681-8_4

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