Publication details

Vývoj DSGE modelů

Title in English Evolution of DSGE Models
Authors

SLANICAY Martin

Year of publication 2009
Type Article in Proceedings
Conference MEKON 2009
MU Faculty or unit

Faculty of Economics and Administration

Citation
Field Economy
Keywords DSGE model; RBC; nominal rigidities; monopolistic competition
Description The goal of this paper is to show the evolution of DSGE models and motivation, which stands behind this evolution. The earliest DSGE models were RBC models. This paper shows their pitfalls and show that these pitfalls led to the evolution of New Keynesian models. These models enriched previous concept by including some keynesian assumptions, especially monopolistic competition and nominal rigidities. This paper summarizes theoretical foundation of these assumptions, as well as empirical studies, which analyse nominal rigidities.
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