Using DSGE Models: Working Paper 2009-04

Jonathan Huntley and Eric Miller

No 41382, Working Papers from Congressional Budget Office

Abstract: This paper is intended to be pedagogical rather than a presentation of original research. We describe a simple dynamic, stochastic general equilibrium (DSGE) model with capital utilization, capital adjustment costs, and a simple Cobb-Douglas technology to illustrate how DSGE models can be used to explain the past and to forecast the future. We identify one method to directly estimate latent variables and parameters in a DSGE model. We then construct estimates of the latent variables and shocks, the latter of which drive observed variations in economic activity. Those latent

Date: 2009-10-30
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