ECB paper on alternative DSGE models

Euro sign, Frankfurt

A European Central Bank paper, published in June, examines alternative methods to measure the output gap using dynamic stochastic general equilibrium models.

In view of the increasing use of the models by central banks to measure output gaps from macro economic forecasts and monetary policy, the paper's authors – Igor Vetlov, Tibor Hlédik, Magnus Jonsson, Henrik Kucsera and Massimiliano Pisani – examine alternative notions of potential output widely used in dynamic stochastic general equilibrium

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