DSGE

“All models are wrong” is not a good excuse for having wrong models

A big and embarrassing challenge to DSGE models (Dynamic Stochastic General Equilibrium) is Alex Tabarrok’s latest post at Marginal Revolution. Tabarrok comments on a paper that finds two problems with new-Keynesian DSGE modeling. One is that this model/technique cannot predict real-world data very well. Put differently, when we ask DSGE not to forecast but to […]

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