Choosing the right model.
In the end, we have shown that policy analysis in the very oversimplified world of DSGE models is a pretty difficult business. Contrary to what it may sometimes appear from listening to talking heads, deciding which policy is best is very rarely a slam dunk.FRBNY — Liberty Street Economics
Choosing the Right Policy in Real Time (Why That’s Not Easy)
Marco Del Negro, assistant vice president in the Federal Reserve Bank of New York’s Research and Statistics Group, Raiden Hasegawa, Ph.D. student in statistics at the Wharton School, University of Pennsylvania, and Frank Schorfheide, professor of economics at the University of Pennsylvania
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