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Financial Frictions, Aggregation, and the Lucas Critique

Sun-Bin Kim (), Frank Schorfheide () and Yongsung Chang ()

No 31, 2010 Meeting Papers from Society for Economic Dynamics

Abstract: agent model; (ii) taste and technology parameters in the DSGE model are not policy invariant; (iii) fiscal policy predictions from the DSGE model are inaccurate.

Date: 2010
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More papers in 2010 Meeting Papers from Society for Economic Dynamics Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA. Contact information at EDIRC.
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