Three Equations New Keynesian DSGE Model
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- Опубліковано 8 вер 2024
- 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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Hi Everyone ! Thanks for watching! Please ensure to subscribe to my channel and buy part 2 of the tutorial, where we estimate the model.
You can turn on captions! The video has subtitles in many different languages!
Enjoy!
The three equation NK DSGE model has two major drawbacks. There is no money and banking included in it.
The model failed to predict the inflation that was inevitable when Central Banks decided to pump massive stimulus into the economy.
As someone who holds a Masters in economics i do find these videos excellent for revision.
Great to hear! I hope you are liking the videos.
Regards
Hey Juan, i am master student in Economics and your videos are of high quality and really help to understand the NK-framework! Thank you!
Great to hear! Please feel free to share my channel with your network so I can keep expanding. You can consider getting the NK material I got for sale too.
Best regards! Thanks for your message and good luck!
Hi M. Juan, always on the top ! Thank you so much. Salutations from Morocco 🇲🇦
My pleasure! Best! JD
Thank you for your insightful videos. May I know if these three equations of the New Keynesian model should be added to the ones under the RBC model? Thanks
No. They are different models.
Hi Juan, please could you make a structural VAR (SVAR) run through for Stata to save my uni assignment, amazing videos as always, thank you!
Hi Juan, excellent video as always! I was wondering thoguh, as I am under the improession that most of the viewers of this channel use Eviews (but I may be wrong), if it would be possible for you to explain how to build DSGE models in Eviews. I know you cannot directly do that as Eviews does not have DSGE capabilities but i seem to remember you can combine Eviews and R to do the job (again, I may be wrong). Thanks for you excellent work!
Hi Daniele, I am not sure about that. It would be time consuming and not efficient.Dynare is the way to go, and Stata is starting to offer some good alternatives.
Hi Juan! I just want to know how I could resolve the model with the Uhlig's toolkit. Could you help me with that please?