New Keynesian Models: Not Yet Useful for Policy Analysis

被引：143

作者：

Chari, V. V. ^{[1
,2
]}

Kehoe, Patrick J. ^{[1
,2
]}

McGrattan, Ellen R. ^{[1
,2
]}

机构：

[1] Fed Reserve Bank Minneapolis, Res Dept, Minneapolis, MN 55480 USA

[2] Univ Minnesota, Minneapolis, MN 55455 USA

来源：

AMERICAN ECONOMIC JOURNAL-MACROECONOMICS | 2009年 / 1卷 / 01期

关键词：

MONETARY-POLICY; INFLATION; PRICES;

D O I：

10.1257/mac.1.1.242

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Macroeconomists have largely converged on method, model design, reduced-form shocks, and principles of policy advice. Our main disagreements today are about implementing the methodology. Some think New Keynesian models are ready to be used for quarter-to-quarter quantitative policy advice. We do not. Focusing on the state-of-the-art version of these models, we argue that some of its shocks and other features are not structural or consistent with microeconomic evidence. Since an accurate structural model is essential to reliably evaluate the effects of policies, we conclude that New Keynesian models are not yet useful for policy analysis. (JEL E12, E60)

引用

页码：242 / 266

页数：25

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