3. The Smets-Wouters (2007) model is considered the best of a bad bunch, the dwarf among pygmies. Smets-Wouters, 2007 is generally considered the most accurate general model of the economy in ...
Central banks and other policy institutions have a long history of using macroeconomic models to help prepare forecasts and to quantify the economic consequences of various policies. Likewise, private ...
Léon Walras (1874) had already realised that his neo-classical general equilibrium model could not accommodate autonomous investments. In the early 1960s, Amartya Sen analysed the same issue in a ...
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