Three Equations New Keynesian DSGE Model

Three Equations New Keynesian DSGE Model In this session, we'll break down the fundamental equations of the New Keynesian DSGE model in simple terms.

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The New Keynesian DSGE model revolves around three main equations that help us understand how the economy works:

Output Gap Equation: This equation shows how the difference between actual and potential output changes over time. It depends on things like interest rates, expected future inflation, and other factors that affect the economy.

New Keynesian Phillips Curve: Here, we look at how inflation relates to the output gap and expectations about future inflation. It helps us see how changes in the economy affect prices.

Monetary Policy Rule: This equation explains how central banks set interest rates based on inflation, the output gap, and their goals for the economy.

By understanding these equations, we can get a clearer picture of how monetary policy, inflation, and economic activity interact.

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In this hands-on session, we'll use Stata to delve deeper into practical applications. Learn how to calibrate the model, conduct scenario analysis, estimate parameters, produce Impulse Response Functions (IRFs), and generate out-of-sample forecasts. Don't miss out on this opportunity to further enhance your understanding of macroeconomic modeling. Click the link below to get access to Part 2 now!"

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Get the step by step instructions and code to solve the model in STATA. We estimate and calibrate the model, produce forecasts and impulse response functions.

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Juan D'Amico
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