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Dynamic Stochastic General Equilibrium (DSGE) models

The papers presented in this August 2005 workshop examine Dynamic Stochastic General Equilibrium (DSGE) models. The distinguishing feature of these models is that the parameters reflect the preferences and constraints (both technological and institutional) faced by economic agents. The workshop themes included monetary and fiscal policies, business cycles in small open economies and Bayesian estimation methods.

Past Event
Reserve Bank of New Zealand

Programme

Session one

Session chair: Grant Spencer (Reserve Bank of New Zealand)

Alan Bollard, Governor, Opening comments

A small new Keynesian model of the New Zealand economy
Presented by: Phillip Liu (Reserve Bank of New Zealand)
Discussant: John McDermott (ANZ National Bank)

Mind your Ps and Qs: Improving ARMA forecasts with RBC priors
Presented by: Kirdan Lees (Reserve Bank of New Zealand) and Troy Matheson (Reserve Bank of New Zealand)
Discussant: Stephen Burnell (Victoria University of Wellington)

Session two

Session chair: David Hargreaves (Reserve Bank of New Zealand)

Model for analysis and simulations
Presented by: Claudio Soto (Central Bank of Chile) and Juan Pablo Medina (Central Bank of Chile)
Discussant: Aaron Drew (Reserve Bank of New Zealand)

Session three

Session chair: Shaun Vahey (Reserve Bank of New Zealand)

Fiscal and trade balances in a model with sticky prices and distortionary taxes 
Presented by: Paul McNelis (Fordham University) and Guay Lim (University of Melbourne)
Discussant: Kunhong Kim (Victoria University of Wellington)

A simple, structural and empirical model of the antipodean transmission mechanism
Presented by: Thomas Lubik (Johns Hopkins University) 
Discussant: Guay Lim (University of Melbourne)

Session four

Ramsey fiscal and monetary policy under sticky prices and liquid bonds
Presented by: Timothy Kam (ANU) and Yifan Hu (University of Hong Kong)
Discussant: Ana Maria Santacreu (NYU, Reserve Bank of New Zealand)