Monetary Policy Analysis with Potentially Misspecified Models
研究在动态随机一般均衡模型可能设定错误时，如何估计政策权衡相关参数并处理跨方程约束偏离，基于美国1982年后数据比较两种修正方法对政策建议的稳健性。
Policy analysis with potentially misspecified dynamic stochastic general equilibrium (DSGE) models faces two challenges: estimation of parameters that are relevant for policy trade-offs, and treatment of the deviations from the cross-equation restrictions. Using post-1982 US data, we study the robustness of the policy prescriptions from a state-of-the-art DSGE model with respect to two approaches to model misspecification pursued in the recent literature: (i) adding shocks to the DSGE model and/or generalizing the processes followed by these shocks; and (ii) explicit modeling of deviations from cross-equation restrictions (DSGE-VAR).