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The future of macroeconomics: macro theory and models at the Bank of England

Abstract:

The adoption as policy models by central banks of representative agent New Keynesian dynamic stochastic general equilibrium models has been widely criticised, including for their simplistic micro-foundations. At the Bank of England, the previous generation of policy models is seen in its 1999 medium-term macro model (MTMM). Instead of improving that model to correct its considerable flaws, many shared by other non-DSGE policy models such as the Federal Reserve’s FRB/US, it was replaced in 200...

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Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.1093/oxrep/grx055

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Institution:
University of Oxford
Division:
SSD
Department:
Economics
Sub department:
EMOD
Role:
Author
More by this author
Institution:
University of Oxford
Division:
Social Sciences Division
Department:
Economics
Role:
Author
Publisher:
Oxford University Press
Journal:
Oxford Review of Economic Policy More from this journal
Volume:
34
Issue:
1-2
Pages:
287–328
Publication date:
2018-01-05
Acceptance date:
2017-08-20
DOI:
EISSN:
1460-2121
ISSN:
0266-903X
Pubs id:
pubs:724378
UUID:
uuid:09b6fda7-1fe2-46fb-97fc-449b10c78bbb
Local pid:
pubs:724378
Source identifiers:
724378
Deposit date:
2017-08-27

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