The scientific foundation of dynamic stochastic general equilibrium (DSGE) models

被引:0
作者
Paul De Grauwe
机构
[1] KU Leuven,Faculty of Economics and Applied Economics
来源
Public Choice | 2010年 / 144卷
关键词
Behavioral macroeconomics; DGSE models; Inflation; Methodology of macroeconomics; Output gap; E13; E17; E30;
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学科分类号
摘要
DSGE-models provide a coherent framework of analysis. This coherence is brought about by restricting acceptable behavior of agents to dynamic utility maximization and rational expectations. The problem of the DSGE-models (and more generally of macroeconomic models based on rational expectations) is that they assume extraordinary cognitive capabilities of individual agents. In addition, these models need a lot of ad-hoc assumptions to make them fit the data. I argue that we need models that take into account the limited cognitive abilities of agents. One can introduce rationality in such models by assuming “trial and error“ learning. I propose such a model and I analyze its implications.
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页码:413 / 443
页数:30
相关论文
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