RBNZ paper sheds light on core macro model
Model features a DSGE core augmented with additional equations
The Reserve Bank of New Zealand gives details of its main macroeconomic model in a bulletin article published today (January 19).
The 'NZSIM' model has a micro-founded, structural core that is in line with the dynamic stochastic general equilibrium (DSGE) models widely in use at other central banks, but is also "augmented" with further equations. These semi-structural components "capture key relationships" that are observed in the data but that are hard to implement within the DSGE framework.
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