Bank of Korea unveils changes to its DSGE model
Existing model’s accuracy reduced after structural changes in economy
The Bank of Korea has made a number of changes to its existing dynamic stochastic general equilibrium (DSGE) model after its existing model’s accuracy was reduced following a number of structural changes in the economy.
In its latest monthly bulletin, the central bank says “strengthened global value chains, heightened oil price volatility and weaker trend growth” have reduced the forecasting accuracy of its existing DSGE framework used by the central bank for its forecasts.
The central bank
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