Model comparison in macroeconomics and monetary economics

I presented a paper at the Modeling and Model Comparison Network (MMCN), the first annual conference of the Centre for Economic Policy Research (CEPR), which took place on June 19th and 20th, 2017 at the Goethe University in Frankfurt.

This conference was organized by Michael Binder of the Institute for Monetary and Financial Stability (IMFS) and Goethe University; John B. Taylor of the Hoover Institution, Stanford University; and Volker Wieland of IMFS, Goethe University, and CEPR. It was supported by the Hoover Institution at Stanford University and the IMFS.

This conference was also commented by John B. Taylor and the Macro Model Data Base initiative.

This conference allowed central bank (CB) researchers to share their views with academic researchers. For instance, a paper’s discussion confronted the academic perspective of model robustness with CB objectives, which relate to storytelling, communication, and practical forecasting.

Another important point emphasized that the nonlinear dynamics witnessed during the last crisis, require new methodologies to better explain and analyze such periods.

Some other subjects, discussed between presentations, were: the shadow rate; the new Dynamic Stochastic General Equilibrium language, Julia; forward guidance; monetary policy rules; and research in CBs and other economic/international institutions.

This conference proved very fruitful and I recommend researchers to send their papers for the next conference, which is likely to be held again at the very beautiful Goethe University in Frankfurt.