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Why DSGEs crash during crises

Description:

Many central banks rely on dynamic stochastic general equilibrium models – known as DSGEs to cognoscenti. This column argues that the models’ mathematical basis fails when crises shift the underlying distributions of shocks.

Citation:

Professor David Hendry, Director, Economic Modelling, The Institute for New Economic Thinking at the Oxford Martin School writes on the failure of dynamic stochastic general equilibrium models during crises.

Programme on Economic Modelling, INET Oxford

Programme on Economic Modelling, INET Oxford

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David Hendry
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