The Standard Narrative about DSGE Models in Central Banks’ Technical Reports

References

• Adolfson, M., S. Laséen, J. Lindé, and M. Villani. 2007. “RAMSES: A New General Equilibrium Model for Monetary Policy Analysis.” Sveriges Riksbank Economic Review 2: 5–39.
   Google Scholar
• Adolfson, M., S. Laséen, L. J. Christiano, M. Trabandt, and K. Walentin. 2013. “RAMSES II: Model Description.” Occasional Paper 12, Sveriges Riksbank.
   Google Scholar
• Alitev, I., Z. Stork, and B. Bobkova. 2014. Extended DSGE Model of the Czech Economy. Technical Report 1/2014, Prague, Czechia: Ministry of Finance of the Czech Republic.
   Google Scholar
• Almeida, V., G. L. de Castro, and R. M. Félix. 2008. Improving Competition in the Non-Tradable Goods and Labour Markets: The Portuguese Case. Technical Report 16/2008, Portugal: Banco de Portugal.
   Google Scholar
• Almeida, V., G. L. de Castro, R. M. Félix, P. Júlio, and J. R. Maria. 2013. Inside PESSOA. A detailed description of the model. Technical Report 16/2013, Lisbon: Banco de Portugal.
   Google Scholar
• Andrés, J., P. Burriel, and Á. Estrada. 2006. BEMOD: A DSGE Model for the Spanish Economy and the Rest of the Euro Area. Technical Report 0631, Madrid: Banco de España.
   Google Scholar
• Argov, E., E. Barnea, A. Binyamini, E. Borenstein, D. Elkayam, and I. Rozen-Shtrom. 2012. MOISE: A DSGE Model for the Israeli Economy. Technical Report 2012.06, Israel: Bank of Israel.
   Google Scholar
• Avouyi-Dovi, S., J. Matheron, and P. Fève. 2007. “Les modèles DSGE. Leur intérêt pour les banques centrales.” Bulletin de la Banque de France 161: 41–54.
   Google Scholar
• Azariadis, C., and L. Kaas. 2007. “Is Dynamic General Equilibrium a Theory of Everything?” Economic Theory 32 (1): 13–41. doi:10.1007/s00199-006-0167-6.
   Web of Science ®Google Scholar
• Backhouse, R. 1997. Truth and Progress in Economic Knowledge. Cheltenham: Edward Elgar.
   Google Scholar
• Backhouse, R., and M. Boianovski. 2013. Transforming Modern Macroeconomics. Exploring Disequilibrium Microfoundations (1956–2003). Cambridge: Cambridge University Press.
   Google Scholar
• Banerjee, S., and P. Basu. 2015. A Dynamic Stochastic General Equilibrium Model for India, Technical Report 109, New Delhi: National Council of Applied Economic Research.
   Google Scholar
• Bayoumi, T. 2004. GEM: A New International Macroeconomic Model. Technical Report 239, Washington: International Monetary Fund.
   Google Scholar
• Begg, D. 1982. “The Rational Expectations Revolution.” Economic Outlook 6 (9): 23–30. doi:10.1111/j.1468-0319.1982.tb00817.x.
   Google Scholar
• Benes, J., M. Kumhof, and D. Laxton. 2014. “Financial Crises in DSGE Models: A Prototype Model.” International Monetary Fund Working Paper 14/57, International Monetary Fund. doi:10.5089/9781475540895.001.
   Google Scholar
• Beneš, J., T. Hlédik, M. Kumhof, D. Vávra, and C. N. Banka. 2005. An Economy in Transition and DSGE. What the Czech National Bank’s New Projection Model Needs. Technical Report 12/2005, Czechia: Czech National Bank.
   Google Scholar
• Blanchard, O. J. 2000. “What Do We Know about Macroeconomics That Fisher and Wicksell Did Not?” De Economist 148 (5): 571–601.
   Google Scholar
• Blanchard, O. J. 2008. The State of Macro. Technical Report 14259, Cambridge: National Bureau of Economic Research.
   Google Scholar
• Blanchard, O. J. 2016. “Do DSGE Models Have a Future?” Peterson Institute for International Economics Policy Briefs 16 (11): 1–4.
   Google Scholar
• Blanchard, O. J., and D. W. Johnson. 2013. Macroeconomics. 6th ed. Cambridge: Pearson.
   Google Scholar
• Blanchard, O., F. Giavazzi, and A. Amighini. 2013. Macroeconomics: A European Perspective. Cambridge: Pearson.
   Google Scholar
• Blinder, A. S. 1986. “Keynes after Lucas.” Eastern Economic Journal 12 (3): 209–216.
   Google Scholar
• Boissay, F., F. Collard, and F. Smets. 2013. “Booms and Systemic Banking Crises, ECB Working Paper 1514, Frankfurt: European Central Bank.”
   Google Scholar
• Botman, D. P., D. Laxton, D. Muir, and A. Romanov. 2006. A New Open-Economy Macro-Model for Fiscal Policy Evaluation. Technical Report 06/45, Washington: International Monetary Fund.
   Google Scholar
• Boumans, M. 1999. “Build-in Justification.” In Models as Mediators. Perspectives on Natural and Social Science, edited by M. S. Morgan and M. Morrison, 66–96. Cambridge: Cambridge University Press.
   Google Scholar
• Brancaccio, E., and F. Saraceno. 2017. “Evolutions and Contradictions in Main-Stream Macroeconomics: The Case of Olivier Blanchard.” Review of Political Economy 29 (3): 345. doi:10.1080/09538259.2017.1330378.
   Web of Science ®Google Scholar
• Branch, W. A., and B. McGough. 2009. “A New Keynesian Model with Heterogeneous Expectations.”Journal of Economic Dynamics and Control 33 (5): 1036–1051. doi:10.1016/j.jedc.2008.11.007.
   Web of Science ®Google Scholar
• Brave, S. A., J. R. Campbell, J. D. Fisher, and A. Justiniano. 2012. The Chicago Fed DSGE Model, Technical Report. Chicago: Federal Reserve Bank of Chicago.
   Google Scholar
• Bridel, P. 2005. “Cumulativité des connaissances et science économique. Que cherche-t-on exactement à cumuler?” The name of the journal should not be capitalized as well. Revue européenne des sciences sociales. XLIII (131): 63–79. doi:10.4000/ress.376.
   Google Scholar
• Broun, P. 2010. Building a Science of Economics for the Real World. Opening Statement. Accessed 1 June 2016. http://sciencehouse.gov/sites/republicans.science.house.gov/files/documents/hearings/072010_Broun.pdf.
   Google Scholar
• Brubakk, L., and T. Sveen. 2009. “NEMO. A New Macro Model for Forecasting and Monetary Policy Analysis.” Economic Bulletin 80 (1): 39–47.
   Google Scholar
• Brubakk, L., T. A. Husebø, J. Maih, K. Olsen, and M. Østnor. 2006. Finding NEMO: Documentation of the Norwegian Economy Model, Technical Report 2006/6, Oslo: Norges Bank, Staff Memo.
   Google Scholar
• Burda, M., and C. Wyplosz. 2013. Macroeconomics: A European Text. Oxford: Oxford University Press.
   Google Scholar
• Burgess, S., E. Fernandez-Corugedo, C. Groth, R. Harrison, F. Monti, K. Theodoridis, and M. Waldron. 2013. “The Bank of England’s Forecasting Platform: COMPASS, MAPS, EASE and the Suite of Models.” Bank of England Working paper no. 471, Bank of England.
   Google Scholar
• Burriel, P., J. Fernández-Villaverde, and J. F. Rubio-Ramírez. 2010. “Medea: A DSGE Model for the Spanish Economy.” SERIEs 1 (1–2): 175–243. doi:10.1007/s13209-009-0011-x.
   Google Scholar
• Calvo, G. 1983. “Staggered Prices in a Utility-Maximizing Framework.” Journal of Monetary Economics 12 (3): 383–398. doi:10.1016/0304-3932(83)90060-0.
   Web of Science ®Google Scholar
• Carton, B., and T. Guyon. 2007. Divergences de productivité en union monétaire. Présentation du modèle Oméga3. Technical Report 2007/08, France: Direction Générale du Trésor et de la Politique Economique.
   Google Scholar
• Castelnuovo, E., and S. Nistico. 2010. “Stock Market Conditions and Monetary Policy in a DSGE Model for the US.” Journal of Economic Dynamics and Control 34 (9): 1700–1731. doi:10.1016/j.jedc.2010.06.028.
   Web of Science ®Google Scholar
• Castillo, P., C. Montoro, and V. Tuesta. 2009. Un modelo de equilibrio general con dolarización para la economía peruana. Technical Report 2009-006, Santiago: Banco Central del Chile, Documento de Trabajo.
   Google Scholar
• Chari, V. V. 2010. Testimony before the Committee on Science and Technology, Subcommittee on Investigations and Oversight. Washington: US House of Representatives, Building a Science of Economics for the Real World.
   Google Scholar
• Christiano, L. J., M. Eichenbaum, and C. L. Evans. 2005. “Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy.” Journal of Political Economy 113 (1): 1–45. doi:10.1086/426038.
   Web of Science ®Google Scholar
• Christiano, L. J., M. Eichenbaum, and M. Trabandt. 2018. “On DSGE Models.” Journal of Economic Perspectives 32 (3): 113–140. doi:10.1257/jep.32.3.113.
   Web of Science ®Google Scholar
• Christiano, L. J., R. Motto, and M. Rostagno. 2003. “The Great Depression and the Friedman-Schwartz Hypothesis.” Journal of Money, Banking, and Credit 25 (6): 1119–1197. doi:10.1353/mcb.2004.0023.
   Google Scholar
• Christiano, L. J., R. Motto, and M. Rostagno. 2008. “Shocks, Structures or Policies? The Euro Area and the US after 2001.” Journal of Economic Dynamics and Control 32 (8): 2476–2506. doi:10.1016/j.jedc.2007.09.014.
   Web of Science ®Google Scholar
• Christoffel, K., G. Coenen, and A. Warne. 2008. The New Area-Wide Model of the Euro Area. Technical Report 944, Frankfurt: European Central Bank.
   Google Scholar
• Christoffel,  , Philipp, K., G. Coenen, and A. Warne. 2010. “Forecasting with DSGE Models.” ECB Working Paper 1185, Frankfurt: European Central Bank.
   Google Scholar
• Chugh, S. K. 2015. Modern Macroeconomics. Cambridge: MIT Press.
   Google Scholar
• Chung, H. T., M. T. Kiley, and J.-P. Laforte. 2010. Documentation of the Estimated, Dynamic, Optimization-based (EDO) Model of the US Economy. Technical Report 2010–29, Washington: Federal Reserve Board, Division of Research & Statistics and Monetary Affairs.
   Google Scholar
• Clarida, R., J. Gali, and M. Gertler. 1999. The Science of Monetary Policy: A New Keynesian Perspective. Technical Report 7147, Cambridge: National Bureau of Economic Research.
   Google Scholar
• Claveau, F., and J. Dion. 2018. “Quantifying Central Banks’ Scientization: Why and How to Do a Quantified Organizational History of Economics.” Journal of Economic Methodology 25 (4): 349–366. doi:10.1080/1350178X.2018.1529216.
   Web of Science ®Google Scholar
• Clinton, K., T. Hlédik, T. Holub, D. Laxton, and Hou Wang. 2017. “Czech Magic: Implementing Inflation-Forecast Targeting at the CNB, International Monetary Fund Working Paper no. 17/20, International Monetary Fund. doi:10.5089/9781475572971.001.
   Google Scholar
• Coenen, G., Erceg, C. C., Freedman, D., Furceri, M., Kumhof, R., Lalonde, D., Laxton, J., Lindé, A., Mourougane, D., Muir, S., et al. 2012. “Effects of Fiscal Stimulus in Structural Models.” American Economic Journal: Macroeconomics 4 (1): 22–68. doi:10.1257/mac.4.1.22.
   Web of Science ®Google Scholar
• Collard, F. 2016. “A History of Macroeconomics: A Macroeconomic Viewpoint, OEconomia.” History, Methodology, Philosophy 6 (1): 139–147.
   Google Scholar
• Constâncio, V. 2017. Developing models for policy analysis in central banks. Opening speech at the Annual Research Conference, Frankfurt am Main, 25–26 September 2017. https://www.ecb.europa.eu/press/key/date/2017/html/ecb.sp170925.en.html.
   Google Scholar
• Cooley, T. F. (ed.) 1995. Frontiers of Business Cycle Research. Princeton: Princeton University Press.
   Google Scholar
• Cuche-Curti, N. A., H. Dellas, and J.-M. Natal. 2009. DSGE-CH. A Dynamic Stochastic General Equilibrium Model for Switzerland. Technical Report 5, Switzerland: Swiss National Bank.
   Google Scholar
• Dammski, B. R., R. Mugnaini, and P. G. Duarte. 2018. Modelos DSGE: uma abordagem bibliometrica. Communication at the 6th Encontro Brasileiro de Bibliometria e Cientometria, Rio de Janeiro, 17–18 June 2018.
   Google Scholar
• De Castro, M. R., S. N. Gouvea, A. Minella, R. C. dos Santos, and N. F. Souza-Sobrinho. 2011. Samba: Stochastic Analytical Model with a Bayesian Approach. Technical Report 239, Brasilia: Central Bank of Brazil.
   Google Scholar
• De Graeve, F., M. Dossche, M. Emiris, H. Sneessens, and R. Wouters. 2010. “Risk Premiums and Macroeconomic Dynamics in a Heterogeneous Agent Model.” Journal of Economic Dynamics and Control 34 (9): 1680–1699. doi:10.1016/j.jedc.2010.06.025.
   Web of Science ®Google Scholar
• De Vroey, M. 2016. A History of Modern Macroeconomics from Keynes to Lucas and Beyond. Cambridge: Cambridge University Press.
   Google Scholar
• De Vroey, M., and P. G. Duarte. 2013. “In Search of Lost Time: The Neoclassical Synthesis.” The BE Journal of Macroeconomics 13 (1): 965–995.
   Web of Science ®Google Scholar
• Deak, S., L. Fontagné, M. Maffezzoli, and M. Marcellino. 2011. “LSM: A DSGE Model for Luxembourg.” Economic Modelling 28 (6): 2862–2872. doi:10.1016/j.econmod.2011.06.023.
   Web of Science ®Google Scholar
• Del Negro, M., S. Eusepi, M. Giannoni, A. Sbordone, A. Tambalotti, M. Cocci, R. Hasegawa, and M. H. Linder. 2013. The FRBNY DSGE Model. Technical Report 647, New York: Federal Reserve Bank of New York.
   Google Scholar
• Dieppe, A., A. G. Pandiella, and A. Willman. 2011. “The ECB’s New Multy-Country Model for the Euro Area.” ECB Working paper series no. 1315, European Central Bank.
   Google Scholar
• Dixit, A. K., and J. E. Stiglitz. 1977. “Monopolistic Competition and Optimum Product Diversity.” American Economic Review 67 (3): 297–308.
   Web of Science ®Google Scholar
• Dorich, J., M. K. Johnston, R. M. Rhys, S. Murchinson, and Y. Zhang. 2013. ToTEM II: An Updated Version of the Bank of Canada’s Quarterly Projection Model. Bank of Canada Technical Report 100, Ottawa: Bank of Canada.
   Google Scholar
• Dornbusch, R., S. Fischer, and R. Startz. 2007. Macroeconomics. 10th ed. New York: Mcgraw-Hill.
   Google Scholar
• Du Plessis, S., B. Smit, and S. Steinbach. 2014. A medium-sized open economy DSGE model of South Africa. Technical Report 14/04, Pretoria: South African Reserve Bank.
   Google Scholar
• Duarte, P. G. 2016. “Macroeconomists as Revolutionary Schoolmates: Comments on Michel De Vroey’s ‘a History of Macroeconomics from Keynes to Lucas and Beyond’, OEconomia.” History, Methodology, Philosophy 6 (1): 129–137.
   Google Scholar
• Duarte, P. G. and Lima, G. T. (eds) 2012. Microfoundations Reconsidered. The Relationship of Micro and Macroeconomics in Historical Perspective. Cheltenham: Edward Elgar.
   Google Scholar
• Epaulard, A., J.-P. Laffargue, and P. Malgrange. 2008. “La nouvelle modélisation macroéconomique appliquée à l’analyse de la conjoncture et à l’évaluation des politiques publiques. Présentation générale.” Économie et Prévision 2 (183–184): 1–13. doi:10.3406/ecop.2008.7802.
   Google Scholar
• Erceg, C. J., L. Guerrieri, and C. Gust. 2005. “SIGMA: A New Open Economy Model for Policy Analysis.” Technical Report 835, Board of Governors of the Federal Reserve System. International Finance Discussion Papers.
   Google Scholar
• Fernández-Villaverde, J. 2010. “The Econometrics of DSGE Models.” SERIEs 1 (1–2): 3–49. doi:10.1007/s13209-009-0014-7.
   Google Scholar
• Fernández-Villaverde, J., J. F. Rubio-Ramirez, and F. Schorfheide. 2016. “Solution and Estimation Methods for DSGE Models.” In Handbook of Macroeconomics, edited by J. B. Taylor and H. Uhlig, North-Holland: Elsevier, ch. 10.
   Google Scholar
• Frank, R. H. 2006. Microeconomics and Behavior. 6th ed. New York, NY: McGraw-Hill/Irwin.
   Google Scholar
• Friedman, M. 1968. The Role of Monetary Policy. American Economic Review, 58 (1): 1–17.
   Google Scholar
• Frisch, R. 1933. “Propagation Problems and Impulse Problems in Dynamic Economics.” In Essays in honour of Gustav Cassel, edited by R. Frisch and K. Koch, 171–206. London: George Allen and Unwin Ltd.
   Google Scholar
• Fueki, T., I. Fukunaga, H. Ichiue, and T. Shirota. 2010. Measuring Potential Growth with an Estimated DSGE Model of Japan’s Economy. Technical Report 10-E-13, Tokyo: Bank of Japan.
   Google Scholar
• Gabriel, V., P. Levine, J. Pearlman, and B. Yang. 2010. An Estimated DSGE Model of the Indian Economy. Technical Report 29, Guildford: University of Surrey.
   Google Scholar
• Galí, J., and M. Gertler. 2007. Macroeconomic Modeling for Monetary Policy Evaluation. Technical Report 13542, Cambridge: National Bureau of Economic Research.
   Google Scholar
• Gerdrup, K. R., E. M. Kravik, K. S. Paulsen, and O. Robstad. 2017. Documentation of NEMO: Norges Bank’s Core Model for Monetary Policy Analysis and Forecasting. Staff Memo no. 8, Oslo: Norges Bank.
   Google Scholar
• Gomes, S., P. Jacquinot, and M. Pisani. 2010. The EAGLE. A Model for Policy Analysis of Macroeconomic Interdependence in the Euro Area. Technical Report 1195, Frankfurt: European Central Bank.
   Google Scholar
• González, A., L. Mahadeva, J. D. Prada, and D. Rodríguez. 2011. “Policy Analysis Tool Applied to Colombian Needs. PATACON Model Description.” Ensayos Sobre Política Económica 29 (66): 222–245. doi:10.32468/Espe.6606.
   Google Scholar
• Goodfriend, M., and R. King. 1997. “The New Neoclassical Synthesis and the Role of Monetary Policy.” In NBER Macroeconomics Annual 1997, 231–296. Cambridge: MIT Press. doi:10.2307/3585232.
   Google Scholar
• Gouvea, S., A. Minella, R. Santos, and N. Souza-Sobrinho. 2008. SAMBA. Stochastic Analytical Model with a Bayesian Approach. Technical report, Mimeo: Central Bank of Brazil.
   Google Scholar
• Hall, R. E. 1976. Note on the Current State of Empirical Economics. Stanford: Institute of Mathematical Studies in Social Sciences, Stanford University, Annual Workshop.
   Google Scholar
• Hammond, G. 2015. State of the Art of Inflation Targeting. Technical Report 29, London: Bank of England.
   Google Scholar
• Hansen, L. P., and J. J. Heckman. 1996. “The Empirical Foundations of Calibration.” Journal of Economic Perspectives 10 (1): 87–104. doi:10.1257/jep.10.1.87.
   Web of Science ®Google Scholar
• Hansen, L. P., and T. J. Sargent. 1980. “Formulating and Estimating Dynamic Linear Rational Expectations Models.” Journal of Economic Dynamics and Control 2 (1): 7–46. doi:10.1016/0165-1889(80)90049-4.
   Web of Science ®Google Scholar
• Harrison, R., and O. Oomen. 2010. Evaluating and Estimating a DSGE Model for the United Kingdom. Technical Report 380, London: Bank of England.
   Google Scholar
• Harrison, R., K. Nikolov, M. Quinn, G. Ramsay, A. Scott, and R. Thomas. 2005. The Bank of England Quarterly Model. London: Bank of England.
   Google Scholar
• Hartley, J. E. 2014. “The Quest for Microfoundations, OEconomia.” History, Methodology, Philosophy 4 (2): 237–247.
   Google Scholar
• Hartley, J. E., K. D. Hoover, and K. D. Salyer. 1997. “The Limits of Business Cycle Research: Assessing the Real Business Cycle Model.” Oxford Review of Economic Policy 13 (3): 34–54. doi:10.1093/oxrep/13.3.34.
   Web of Science ®Google Scholar
• Heijdra, B. J., and F. van der Ploeg. 2002. Foundations of Modern Macroeconomics. Oxford: Oxford University Press.
   Google Scholar
• Hendry, D. F., and J. N. Muellbauer. 2018. “The Future of Macroeconomics: Macro Theory and Models at the Bank of England.” Oxford Review of Economic Policy 34 (1–2): 287–328. doi:10.1093/oxrep/grx055.
   Web of Science ®Google Scholar
• Henin, P.-Y. (ed.) 1995. Advances in Business Cycle Research. Berlin: Springer.
   Google Scholar
• Hoover, K. D. 2012. “Microfoundational Programs.” In Microfoundations Reconsidered, edited by P. G. Duarte and G. T. Lima, 19–61. Cheltenham: Edward Elgar.
   Google Scholar
• Iacoviello, M., and S. Neri. 2010. “Housing Market Spillovers: Evidence from an Estimated DSGE Model.” American Economic Journal: Macroeconomics 2 (2): 125–164. doi:10.1257/mac.2.2.125.
   Web of Science ®Google Scholar
• Jääskelä, J., and K. Nimark. 2008. A Medium-Scale Open Economy Model of Australia. Technical Report 2008-07, Sydney: Reserve Bank of Australia.
   Google Scholar
• Jahan, S. 2012. “Inflation Targeting: Holding the Line.” Finance and Development 49 (1): 0–0.
   Google Scholar
• Johnson, H. G. 1971. “The Keynesian Revolution and the Monetarist Counter-Revolution.” American Economic Review 61 (2): 1–14.
   Web of Science ®Google Scholar
• Jones, C. I. 2014. Macroeconomics. 3rd ed. London: Norton & Co.
   Google Scholar
• Juillard, M. 1996. DYNARE. A Program for the Resolution and Simulation of Dynamic Models with Forward Variables through the Use of a Relaxation Algorithm. Technical Report 9602, Paris: CEPREMAP.
   Google Scholar
• Juselius, K. 2010. “On the Role of Theory and Evidence in Macroeconomics.” In The Elgar Companion to Recent Economic Methodology, edited by J. B. Davis and W. D. Hands, 404–436. Cheltenham: Edward Elgar.
   Google Scholar
• Kamber, G., C. McDonald, N. Sander, and K. Theodoridis. 2015. A Structural Forecasting Model for New Zealand: NZSIM. Technical report. Wellington: Reserve Bank of New Zealand.
   Google Scholar
• Kilponen, J., and A. Ripatti. 2006. Learning to Forecast with a DGE Model. Technical Report, Mimeo: Bank of Finland.
   Google Scholar
• Klein, L. R. 1947. The Keynesian Revolution. New York: Macmillan.
   Google Scholar
• Klein, L. R., and A. S. Goldberger. 1955. An econometric Model of the United States, 1929–1952. Amsterdam: North Holland.
   Google Scholar
• Kocherlakota, N. R. 2009. “Modern Macroeconomic Models as Tools for Economic Policy.” The Region 5–21.
   Google Scholar
• Kumhof, M., D. Muir, S. Mursula, and D. Laxton. 2010. The Global Integrated Monetary and Fiscal Model (GIMF). Theoretical Structure, Technical Report 10/34, International Monetary Found. doi:10.5089/9781451962734.001.
   Google Scholar
• Kydland, F. E., and E. C. Prescott. 1982. “Time to Build and Aggregate Fluctuations.” Econometrica 50 (6): 1345–1370. doi:10.2307/1913386.
   Web of Science ®Google Scholar
• Lawson, T. 1987. “The Relative/Absolute Nature of Knowledge and Economic Analysis.” The Economic Journal 97 (388): 951–970. doi:10.2307/2233082.
   Web of Science ®Google Scholar
• Laxton, D. 2008. “Getting to Know the Global Economy Model and Its Philosophy.” IMF Staff Papers 55 (2): 213–242. doi:10.1057/imfsp.2008.11.
   Google Scholar
• Lees, K. 2009. “Introducing KITT: The Reserve Bank of New Zealand New DSGE Model for Forecasting and Policy Design.” Reserve Bank of New Zealand Bulletin 72 (2): 5–20.
   Google Scholar
• Lindé, J. 2018. “DSGE Models: Still Useful in Policy Analysis.” Oxford Review of Economic Policy 34 (1–2): 269–286. doi:10.1093/oxrep/grx058.
   Web of Science ®Google Scholar
• Long, J. B., and C. I. Plosser. 1983. “Real Business Cycles.” Journal of Political Economy 91 (1): 39–69. doi:10.1086/261128.
   Web of Science ®Google Scholar
• Lucas, R. E. 1972. “Expectations and the Neutrality of Money.” Journal of Economic Theory 4 (2): 103–124. doi:10.1016/0022-0531(72)90142-1.
   Web of Science ®Google Scholar
• Lucas, R. E. 1975. “An Equilibrium Model of the Business Cycle.” Journal of Political Economy 83 (6): 1113–1144. doi:10.1086/260386.
   Web of Science ®Google Scholar
• Lucas, R. E. 1976. “Econometric Policy Evaluation: A Critique.” Carnegie-Rochester Conference Series on Public Policy 1: 19–46. doi:10.1016/S0167-2231(76)80003-6.
   Google Scholar
• Lucas, R. E. 1977. “Understanding Business Cycles.” Carnegie-Rochester Conference Series on Public Policy 5: 7–29. doi:10.1016/0167-2231(77)90002-1.
   Google Scholar
• Lucas, R. E. 1996. “Nobel Lecture: Monetary Neutrality.” Journal of Political Economy 104 (4): 661–682. doi:10.1086/262037.
   Web of Science ®Google Scholar
• Lucas, R. E., and E. C. Prescott. 1971. “Investment under Uncertainty.” Econometrica 39 (5): 659–681. doi:10.2307/1909571.
   Web of Science ®Google Scholar
• Mäki, U. 2005. “Models are Experiments, Experiments are Models.” Journal of Economic Methodology 12 (2): 303–315. doi:10.1080/13501780500086255.
   Google Scholar
• Mankiw, N. G. 2016. Principles of Macroeconomics. 7th ed. Boston: Cengage Learning.
   Google Scholar
• Mankiw, N. G. 2017. Principles of Microeconomics. 8th ed. Boston: Cengage Learning.
   Google Scholar
• Mankiw, N. G. and Romer, D. H. eds. 1991. New Keynesian Economics. Cambridge: MIT Press.
   Google Scholar
• Marchiori, L., and O. Pierrard. 2012. LOLA 2.0: Luxembourg OverLapping Generation Model for Policy Analysis.” Technical Report 76, Luxembourg: Central Bank of Luxembourg.
   Google Scholar
• McCloskey, D. 1985. The Rhetoric of Economics. Madison: The University of Wisconsin Press.
   Google Scholar
• McNelis, P. D., and E. T. Glindro. 2009. Macroeconomic Model for Policy Analysis and Insight (a Dynamic Stochastic General Equilibrium Model for the Bangko Sentral ng Pilipinas). Technical Report 2009-01, Manila: Bangko Sentral ng Pilipinas.
   Google Scholar
• Medina, J. P., and C. Soto. 2006. Model for Analysis and Simulations (MAS): A New DSGE for the Chilean Economy. Technical report, Santiago: Central Bank of Chile.
   Google Scholar
• Miller, P. J. 1994. The Rational Expectations Revolution: Readings from the Front Line. Cambridge: MIT Press.
   Google Scholar
• Murchison, S., and A. Rennison. 2006. ToTEM: The Bank of Canada’s New Quarterly Projection Model. Technical Report 97, Ottawa: Bank of Canada Research Department.
   Google Scholar
• Muth, J. F. 1961. “Rational Expectations and the Theory of Price Movements.” Econometrica 29 (3): 315–335. doi:10.2307/1909635.
   Web of Science ®Google Scholar
• Nelson, C. R., and C. R. Plosser. 1982. “Trends and Random Walks in Macroeconomic Time Series: Some Evidence and Implications.” Journal of Monetary Economics 10 (2): 139–162. doi:10.1016/0304-3932(82)90012-5.
   Web of Science ®Google Scholar
• Pagan, A. R. 2003. Report on Modelling and Forecasting at the Bank of England. London: Bank of England Quarterly Bulletin, Spring Issue.
   Google Scholar
• Phelps, E. S. 1990. Seven Schools of Macroeconomic Thought. Oxford: Oxford University Press.
   Google Scholar
• Pierrard, O., and H. R. Sneessens. 2009. “LOLA 1.0: Luxembourg OverLapping Generation Model for Policy Analysis, Technical Report 36, Central Bank of Luxembourg.
   Google Scholar
• Pindyck, R. S., and D. L. Rubinfeld. 2008. Microeconomics. 7th ed. Upper Saddle River: Prentice Hall.
   Google Scholar
• Plosser, C. I. 2012. “Macro Models and Monetary Policy Analysis.” http://www.philadelphiafed.org/publications/speeches/plosser/2012/05-25-12_bundesbank.pdf
   Google Scholar
• Rankin, N. 1998. “How Does Uncertainty about Future Fiscal Policy Affect Current Macroeconomic Variables?” The Scandinavian Journal of Economics 100 (2): 473–494. doi:10.1111/1467-9442.00115.
   Web of Science ®Google Scholar
• Ratto, M., and W. Röger. 2005. “An Estimated New Keynesian Dynamic Stochastic General Equilibrium Model of the Euro Area.” Technical Report 220, European Commission.
   Google Scholar
• Ratto, M., W. Roeger, and J. Veld. 2009. “QUEST III: An Estimated Open-Economy DSGE Model of the Euro Area with Fiscal and Monetary Policy.” Economic Modelling 26 (1): 222–233. doi:10.1016/j.econmod.2008.06.014.
   Web of Science ®Google Scholar
• Rodano, G. 2002. “The Controversies in Contemporary Macroeconomics.” In Competing economic theories. Essays in memory of giovanni caravale, edited by S. Nisticò and D. A. Tosato, 306–325. London: Routledge.
   Google Scholar
• Rudolf, B., and M. Zurlinden. 2014. “A Compact Open Economy DSGE Model for Switzerland.” Swiss National Bank Economic Studies number 8-2014.
   Google Scholar
• Ruffin, R. J., and P. R. Gregory. 2000. Principles of Microeconomics. 7th ed. New York: Addison Wesley.
   Google Scholar
• Salle, I., M. Yıldızoğlu, and M. A. Sénégas. 2013. “Inflation Targeting in a Learning Economy: An ABM Perspective.” Economic Modelling 34: 114–128. doi:10.1016/j.econmod.2013.01.031.
   Web of Science ®Google Scholar
• Samuelson, P. A. 1987. “Out of the Closet: A Program for the Whig History of Economic Science.” History of Economics Society Bulletin 9 (1): 51–60. doi:10.1017/S1042771600004002.
   Google Scholar
• Sargent, T. J. 1976. “A Classical Macroeconometric Model for the United States.” Journal of Political Economy 84 (2): 207–237. doi:10.1086/260429.
   Web of Science ®Google Scholar
• Seneca, M. 2010. A DSGE Model for Iceland, Technical Report 50, Central Bank of Iceland.
   Google Scholar
• Sergi, F. 2018. “DSGE Models and the Lucas Critique. A Historical Appraisal.” Economics Working Paper Series, 1806. Bristol Centre for Economics and Finance, UWE Bristol.
   Google Scholar
• Sims, C. A. 1980. “Macroeconomics and Reality.” Econometrica 48 (1): 1–48. doi:10.2307/1912017.
   Web of Science ®Google Scholar
• Sims, C. A. 1996. “Macroeconomics and Methodology.” Journal of Economic Perspectives 10 (1): 105–120. doi:10.1257/jep.10.1.105.
   Web of Science ®Google Scholar
• Smets, F., and R. Wouters. 2003. “An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area.” Journal of the European Economic Association 1 (5): 1123–1175. doi:10.1162/154247603770383415.
   Web of Science ®Google Scholar
• Smets, F., K. Christoffel, G. Coenen, R. Motto, and M. Rostagno. 2010. “DSGE Models and Their Use at the ECB.” SERIEs 2010 (1): 51–65. doi:10.1007/s13209-010-0020-9.
   Google Scholar
• Snowdon, B. 2007. “The New Classical Counter-Revolution: False Path or Illuminating Complement?” Eastern Economic Journal 33 (4): 541–562. doi:10.1057/eej.2007.40.
   Google Scholar
• Snowdon, B., and H. R. Vane. 2005. Modern Macroeconomics: Its Origins, Development and Current State. Cheltenham: Edward Elgar.
   Google Scholar
• Snowdon, B., H. R. Vane, and P. Wynarczyk. 1994. A Modern Guide to Macroe-Conomics. An Introduction to Competing Schools of Thought. Cheltenham: Edward Elgar.
   Google Scholar
• Spanos, A. 2009. “The Pre-Eminence of Theory versus the European CVAR Perspective in Macroeconometric Modeling.” Economics: The Open-Access, Open-Assessment E-Journal 2009 (3): 1–14. doi:10.5018/economics-ejournal.ja.2009-10.
   Google Scholar
• Stähler, N., and C. Thomas. 2012. “FiMod—a DSGE Model for Fiscal Policy Simulations.” Economic Modelling 29 (2): 239–261. doi:10.1016/j.econmod.2011.10.001.
   Web of Science ®Google Scholar
• Steinbach, M., P. Mathuloe, and B. Smit. 2009. “An Open Economy New Keynesian DSGE Model of the South African Economy.” South African Journal of Economics 77 (2): 207–227. doi:10.1111/j.1813-6982.2009.01212.x.
   Web of Science ®Google Scholar
• Štork, Z., J. Závacká, and M. Vávra. 2009. HUBERT: A DSGE Model of the Czech Republic, Technical Report 2/2009, Ministry of Finance of the Czech Republic.
   Google Scholar
• Tanboon, S. 2008. The Bank of Thailand Structural Model for Policy Analysis, Technical Report 12/2008, Bank of Thailand.
   Google Scholar
• Taylor, J. B. 1993. “Discretion versus Policy Rules in Practice.” Carnegie-Rochester Conference Series on Public Policy 39: 195–214. doi:10.1016/0167-2231(93)90009-L.
   Google Scholar
• Tovar, C. E. 2008. “DSGE Models and Central Banks.” Economics: The Open-Access, Open-Assessment E-Journal 3 (16): 1–31. doi:10.5018/economics-ejournal.ja.2009-16.
   Google Scholar
• Varian, H. R. 1992. Microeconomic Analysis. 3rd ed. New York: W. W. Norton & Company.
   Google Scholar
• Varian, H. R. 2009. Intermediate Microeconomics. 8th ed. New York: W. W. Norton & Company.
   Google Scholar
• Vines, D., and S. Wills. 2018. “The Rebuilding of Macroeconomic Theory Project: An Analytical Assessment.” Oxford Review of Economic Policy 34 (1–2): 1–42. doi:10.1093/oxrep/grx062.
   Web of Science ®Google Scholar
• Walsh, C. E. 2003. Monetary Policy and Theory. Cambridge: MIT Press.
   Google Scholar
• Wickens, M. 2012. Macroeconomic Theory: A Dynamic General Equilibrium Approach. 2nd ed. Princeton: Princeton University Press.
   Google Scholar
• Woodford, M. 1998. “Control of the Public Debt: A Requirement for Price Stability?” In The Debt Burden and Its Consequences for Monetary Policy.edited by G. Calvo and M. King, 117–158, Berlin: Springer, Berlin.
   Google Scholar
• Woodford, M. 1999. Revolution and Evolution in Twentieth-Century Macroeconomics. Communication for the conference on “Frontiers of the Mind in the Twenty-First Century”, Library of Congress, June 14–18. Accessed 10 January 2019. http://www.columbia.edu/∼mw2230/macro20C.pdf
   Google Scholar
• Woodford, M. 2003. Interest and Prices. Foundations of a Theory of Monetary Policy. Princeton: Princeton University Press.
   Google Scholar