TY  - UNPD
A1  - Wieland, Volker
A1  - Cwik, Tobias J.
A1  - Müller, Gernot J.
A1  - Schmidt, Sebastian
A1  - Wolters, Maik Hendrik
T1  - A new comparative approach to macroeconomic modeling and policy analysis
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2012,3
N2  - In the aftermath of the global financial crisis, the state of macroeconomic modeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed for relying too much on a particular class of macroeconomic models. This paper proposes a comparative approach to macroeconomic policy analysis that is open to competing modeling paradigms. Macroeconomic model comparison projects have helped produce some very influential insights such as the Taylor rule. However, they have been infrequent and costly, because they require the input of many teams of researchers and multiple meetings to obtain a limited set of comparative findings. This paper provides a new approach that enables individual researchers to conduct model comparisons easily, frequently, at low cost and on a large scale. Using this approach a model archive is built that includes many well-known empirically estimated models that may be used for quantitative analysis of monetary and fiscal stabilization policies. A computational platform is created that allows straightforward comparisons of models’ implications. Its application is illustrated by comparing different monetary and fiscal policies across selected models. Researchers can easily include new models in the data base and compare the effects of novel extensions to established benchmarks thereby fostering a comparative instead of insular approach to model development.
T3  - CFS working paper series - 2012, 03 
KW  - macroeconomic models
KW  - model uncertainty
KW  - policy rules
KW  - robustness
KW  - monetary policy
KW  - fiscal policy
KW  - model comparison
Y1  - 2012
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/24084
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-240847
IS  - Version February 2012
PB  - Goethe-Univ., House of Finance, Center for Financial Studies
CY  - Frankfurt am Main
ER  -