On the Fit of New Keynesian Models
提出新工具评估动态随机一般均衡模型，应用于大型新凯恩斯模型，发现其误设程度虽未大到无法用于日常政策分析，但也不可忽视。
This article provides new tools for the evaluation of dynamic stochastic general equilibrium (DSGE) models and applies them to a large-scale new Keynesian model. We approximate the DSGE model by a vector autoregression, and then systematically relax the implied cross-equation restrictions and document how the model fit changes. We also compare the DSGE model's impulse responses to structural shocks with those obtained after relaxing its restrictions. We find that the degree of misspecification in this large-scale DSGE model is Do longer so large as to prevent its use in day-to-day policy analysis, yet is not small enough to be ignored.