International Scientific Conference
Event: Several dozen foreign academics met at the NBP’s head office to discuss improvements to macroeconomic models.
The conference “DSGE and beyond – expanding the paradigm in monetary policy research?” was held on 29 and 30 September 2011, at the NBP’s initiative.
Dynamic Stochastic General Equilibrium (DSGE) models has recently become a standard modeling framework for monetary policy analyses and are widely used both by central banks and the academia. Yet, the recent global economic crisis has partly undermined confidence in this class of models. Hence, the NBP’s idea to hold an international conference to discuss the necessary improvements.
In his welcome address, Professor Marek Belka, President of the NBP, remarked that the reality is so complex that even the most sophisticated theoretical models cannot reflect it. The conference gives a perfect opportunity to confront models with practice and measures taken by monetary policy decision-makers – said Professor Belka.
Professor Jordi Gali of the Pompeu Fabra University in Barcelona and Marco del Negro of the Federal Reserve Bank of New York were the keynote speakers of the conference. Moreover, there were sixteen presentations, one of them given by Michał Rubaszek, a representative of Poland. He discussed the results of the analyses conducted at the Economic Institute of the NBP, which focus on macroeconomic models with heterogeneous agents. This kind of models, which are more complex that the standard DSGE model with representative agents, can provide many interesting insights on monetary policy.
See: Program of the conference “DSGE and beyond – expanding the paradigm in monetary policy research?”