The role of simulation methods in Macroeconomics |
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Authors: | Alfonso Novales |
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Institution: | (1) Departamento de Economía Cuantitativa, Universidad Complutense de Madrid, Somosaguas, 28223 Madrid, Spain (e-mail: anovales@ccee.ucm.es) , ES |
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Abstract: | After reviewing the reasons to use solution methods in macroeconomics, this survey paper discusses different aspects relative
to a rigorous use of the numerical output of such methods. Special attention is paid to suggestions that have been made to
incorporate parameter uncertainty. Finally, the need to test for usually maintained assumptions, such as rationality of expectations,
is emphasized. |
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Keywords: | JEL classification:C8 C9 E3 E6 O4 |
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