Inflation in the Great Recession and New Keynesian Models
用金融危机前已有的标准DSGE模型（含金融摩擦）成功预测了2008年第四季度金融压力上升后经济活动的急剧收缩和通胀的温和下降，反驳了现有模型无法解释大衰退期间关键宏观变量演变的观点。
Several prominent economists have argued that existing DSGE models cannot properly account for the evolution of key macroeconomic variables during and following the recent Great Recession. We challenge this argument by showing that a standard DSGE model with financial frictions available prior to the recent crisis successfully predicts a sharp contraction in economic activity along with a protracted but relatively modest decline in inflation, following the rise in financial stress in 2008:IV. The model does so even though inflation remains very dependent on the evolution of economic activity and of monetary policy.