Natural rate measures in an estimated DSGE model of the U.S. economy

Rochelle Edge (), Michael Kiley and Jean-Philippe Laforte

No 2007-08, Finance and Economics Discussion Series from Board of Governors of the Federal Reserve System (U.S.)

Abstract: This paper presents a monetary DSGE model of the U.S. economy. The model captures the most important production, expenditure, and nominal-contracting decisions underlying economic data while remaining sufficiently small to allow it to provide a clear interpretation of the data. We emphasize the role of model-based analyses as vehicles for storytelling by providing several examples--based around the evolution of natural rates of production and interest--of how our model can provide narratives to explain recent macroeconomic fluctuations. The stories obtained from our model are both similar to and quite different from conventional accounts.

Keywords: Econometric; models (search for similar items in EconPapers)
Date: 2007
New Economics Papers: this item is included in nep-cba, nep-dge and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (52)

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Journal Article: Natural rate measures in an estimated DSGE model of the U.S. economy (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfe:2007-08

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