Narodowy Bank Polski

Research & Conferences

DSGE and beyond – expanding the paradigm in monetary policy research?

Warsaw, 29-30 September 2011
National Bank of Poland

Dynamic Stochastic General Equilibrium constitutes nowadays a standard modeling framework for monetary policy analysis. It is commonly accepted and utilized by both central banks and the academia. It serves as a methodological paradigm within which theoretical arguments and empirical investigations are conducted. Simultaneously, the profession recognizes the fact, that the DSGE approach, as we know it today, has substantial limitations. Some of the most urgent issues involve the systematic treatment of heterogeneity, bounded rationality and complex dynamic interactions between economic agents. Estimation issues and computational challenges also arise in this context. Hence, important questions arise:

  • What is the future of DSGE models in central banks?
  • What are the main advantages and flaws of the current generation of DSGE models and their estimation methods?
  • Are agent heterogeneity and complex interactions important for monetary policy analysis?
  • Are there any alternative plausible paradigms of macro-modeling?
  • Will the mainstream shift towards a more flexible approach like agent-based computational economics?
  • What are the consequences of alternative approaches for optimal monetary policy implementation?

Such questions are going to be addressed during the conference, however the scope is not limited to the enlisted issues.

Location and keynote speeches:

The conference will take place in Warsaw, Poland, from Thursday, 29th to Friday, 30th of September 2011.

Keynote speeches will be delivered by:

  • Jordi Gali (CREI, UPF and Barcelona GSE),
  • Marco del Negro (New York FED).

CONFERENCE PROGRAMME & PAPERS

Conference programme (pdf, 860 KB)

In case of any questions, please contact: conference2011@nbp.pl

Important dates:

  • 30 April 2011 – paper submission deadline
  • 31 May 2011 – author notification
  • from 31 May 2011 – registration
  • 29-30 September 2011 – conference

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