Macrofinancial Modeling at Central Banks : Recent Developments and Future Directions.
Title:
Macrofinancial Modeling at Central Banks : Recent Developments and Future Directions.
Author:
Vlcek, Jan.
ISBN:
9781463947552
Personal Author:
Physical Description:
1 online resource (41 pages)
Series:
IMF Working Papers
Contents:
Cover -- Contents -- I. Introduction -- II. Macrofinancial DSGE Models in Use by Central Banks -- A. Models in Use Before the Crisis -- B. Model Development Since the Crisis -- III. Challenges and Priorities for Model Development -- References -- Tables -- 1. Central Bank Forecasting and Policy Analysis Models Prior to 2008 -- 2. Central Bank DSGE Forecasting Models Since 2008 -- 3. Published Central Bank Models with Financial Frictions -- 4. Approaches to Modeling Financial Frictions -- Appendix -- I. Approaches to Embedding Financial Frictions, Transmission Channels, and Risks in DSGE Models.
Abstract:
This paper surveys dynamic stochastic general equilibrium models with financial frictions in use by central banks and discusses priorities for future development of such models for the purpose of monetary and financial stability analysis. It highlights the need to develop macrofinancial models which allow analysis of the macroeconomic effects of macroprudential policy tools and to evaluate elements of the Basel III reforms as a priority. The paper also reviews the main approaches to introducing financial frictions into general equilibrium models.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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