The Financial Crisis and DSGE Models : a critical evaluation

• Autorzy: Jerzy Stelmach

Warianty tytułu

Kryzys finansowy a modele DSGE : krytyczna ocena

• Języki publikacji: EN

Abstrakty

EN

The global financial crisis has spurred a critical debate about the state of macroeconomics as a discipline and prompted new research questions. The one of the strongest line of critique is directed toward the Dynamic Stochastic General Equilibrium (DSGE) models. In such a context, the aim of this article is twofold. First, to point out in a non-technical manner the main deficiencies of the DSGE modelling approach; particularly, with respect to the inadequate treatment of financial markets. Second, to provide the overview of some recent developments in this area. The conclusion of this paper is that despite the substantial advances in the DSGE methodology, many important challenges remain unaddressed. (original abstract)

Globalny kryzys finansowy wywołał krytyczną debatę nad obecnym stanem makroekonomii jako dyscypliny naukowej oraz skłonił do stawiania nowych pytań badawczych. Jeden z najsilniejszych nurtów tej krytyki dotyczy klasy dynamicznych, stochastycznych modeli równowagi ogólnej (skrótowo: DSGE). W kontekście opisywanej debaty, rozważania w niniejszym artykule mają dwa cele. Pierwszy dotyczy opisowego wskazania głównych wad metodologii DSGE, ze szczególnym uwzględnieniem nieadekwatnego ujęcia procesów zachodzących na rynkach finansowych. Drugim celem artykułu jest natomiast selektywny przegląd ostatnich osiągnięć w omawianym obszarze. W podsumowaniu stwierdzono, iż pomimo znacznego postępu w rozwoju metodologii DSGE, wiele ważnych problemów w dalszym ciągu pozostaje bez rozwiązania. (abstrakt oryginalny)

Słowa kluczowe

EN

Financial crisis; Macroeconomics; Dynamic Stochastic General Equilibrium (DSGE)

PL

Kryzys finansowy; Makroekonomia; Model dynamicznej stochastycznej równowagi ogólnej

• Czasopismo: Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu. Ekonomia
• Rocznik: 2011
• Tom: 14
• Numer: nr 201
• Strony: 68--77

Twórcy

autor

Jerzy Stelmach

• Wrocław University of Economics, Poland

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