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Modelling a complex world: improving macro-models

McKibbin, Warwick; Stoeckel, Andrew

Description

Macro models have come under criticism for their ability to understand or predict major economic events such as the global financial crisis and its aftermath. Some of that criticism is warranted; but, in our view, much is not. This paper contributes to the debate over the adequacy of benchmark DSGE models by showing how three extensions, which are features that have characterized the global economy since the early 2000s, are necessary to improve our understanding of global shocks and policy...[Show more]

CollectionsANU Research Publications
Date published: 2018
Type: Journal article
URI: http://hdl.handle.net/1885/164582
Source: Oxford Review of Economic Policy
DOI: 10.1093/oxrep/grx056

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