Dynamic Stochastic General Equilibrium (DSGE) Concept

• Authors: MUSIL Karel
• Year of publication: 2007
• Type: Article in Proceedings
• Conference: Recenzovaný sborník Mezinárodní Baťovy Dokrorandské Konference
• MU Faculty or unit: Faculty of Economics and Administration
• Field: Economy
• Keywords: Dynamic Stochastic General Equilibrium (DSGE) model; price rigidity; imperfect competition; representative household; open economy model; monetary policy
• Description: The paper introduces some basic characteristics of Dynamic Stochastic General Equilibrium (DSGE) models. There is an attempt to define a category of the DSGE models. After a brief description of the development (with an emphasized position of the Redux model), the paper offers a short summary of the basic features of the DSGE models connected to general characteristics, rigidities, market structure and competition, representative households, open economy models and monetary policy.

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