Title: Bayesian new neoclassical synthesis (NNS) models: modern tools for central banks
Authors: Smets, Frank ×
Wouters, R. #
Issue Date: 2005
Publisher: Published by the MIT Press for the European Economic Association
Series Title: Journal of the European Economic Association vol:3 issue:2-3 pages:422-433
Abstract: This paper discusses the advantages of Bayesian New Neoclassical Synthesis models as tools for monetary policy analysis and forecasting. The combination of a sound, micro founded structure with a good probabilistic description of the observed data makes those models suitable for investigating the structural sources of business cycle fluctuations, for analysing optimal monetary policy responses to those developments and for making economic projections conditional on various policy assumptions. The paper gives two examples of such analysis. (JEL: E40, E50, C11) Copyright (c) 2005 The European Economic Association.
ISSN: 1542-4766
Publication status: published
KU Leuven publication type: IT
Appears in Collections:Non-KU Leuven Association publications
× corresponding author
# (joint) last author

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