Monetary policy analysis with potentially misspecified models
By: Marco Del Negro and Frank Schorfheide
Contributors: Schorfheide, Frank; Federal Reserve Bank of Atlanta
Series: Working paper series / Federal Reserve Bank of Atlanta -- 2005-26; Working paper series (Federal Reserve Bank of Atlanta : Online) -- 2005-26.
Publisher: Federal Reserve Bank of Atlanta
Published: 2005
Place of publication: Atlanta, Ga.]
Language: eng
Format: [electronic resource] /
Description: "The paper proposes a novel method for conducting policy analysis with potentially misspecified dynamic stochastic general equilibrium (DSGE) models and applies it to a New Keynesian DSGE model along the lines of Christiano, Eichenbaum, and Evans (JPE 2005) and Smets and Wouters (JEEA 2003). We first quantify the degree of model misspecification and then illustrate its implications for the performance of different interest rate feedback rules. We find that many of the prescriptions derived from the DSGE model are robust to model misspecification"--Federal Reserve Bank of Atlanta web site.
Notes: Title from PDF file as viewed on 8/07/2006.

Includes bibliographical references.

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