Where is the GE? Consumption Dynamics in DSGEs
从局部均衡视角分析DSGE模型中消费行为，发现标准校准下实际利率基本固定，消费对生产率冲击的反应近乎随机游走，这有助于理解总需求在现代DSGE分析中的突出作用。
Abstract We offer a partial equilibrium perspective on the behavior of consumption in dynamic stochastic general equilibrium (DSGE) models. We consider a benchmark dynamic general equilibrium model and show that a standard calibration implies that the real interest rate is essentially fixed. One manifestation of this feature is that, with separable preferences, the reaction of consumption to total factor productivity (TFP) shocks is flat: the random‐walk permanent income hypothesis holds almost exactly, pretty much as in a partial equilibrium consumption‐savings problem. These results help explain the prominent role of aggregate demand, and how it is achieved, in modern DSGE analysis.