Template-Type: ReDIF-Article 1.0
Author-Name: Samvel S. Lazaryan 
Author-Email: lazaryan@nifi.ru
Author-Workplace-Name: Financial Research Institute, Moscow 127006, Russia
Author-Name: Evgenii V. Mayorov 
Author-Email: emayorov@nifi.ru
Author-Workplace-Name: Financial Research Institute, Moscow 127006, Russia
Title: Prospects for the Use of DSGE Models by Finance Ministries: The Experience of Global Regulators
Abstract: The article provides the analysis of specific model choices of public institutions and international organizations. The authors determine that the majority of central banks in the sample use DSGE models. On the other hand, DSGE models are far less common in ministries of finances. Currently, ministries prefer to use so-called macroeconometric models (MM). International organizations such as the IMF and the OECD have a greater variability of models in use including both DSGE and MM. Based on the academic and practical experience of DSGE modeling the authors find that this type of models is perfectly suitable for the usage in a ministry of finances. The authors also propose that current model selection criteria should be enhanced with accordance to the benefits provided by DSGE modeling.
Classification-JEL: E20, E60
Keywords: forecast, macroeconomic modeling, macroeconometric models, general equilibrium models, fiscal policy, model criteria
Journal: Finansovyj žhurnal — Financial Journal
Pages: 70-82
Issue: 5
Year: 2018
Month: October
DOI: 10.31107/2075-1990-2018-5-70-82
File-URL: http://www.nifi.ru/images/FILES/Journal/Archive/2018/5/statii/fm_2018_5_06.pdf
File-Format: Application/pdf 
Handle: RePEc:fru:finjrn:180506:p:70-82