CORDIS Project
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This project aims to estimate a dynamic stochastic general equilibrium model incorporating rare disasters, using data from the Great Recession. By applying a new computational method, it seeks to analyze the interactions between macroeconomic shocks and interest rate constraints during the recession.
This project will estimate a DSGE model with rare disasters using data from the Great Recession.
Previous studies on rare disasters have been confined mainly to endowment economies.
Extensions to production economies (business cycle models) have been limited.
In particular, DSGE models with rare disasters have not been estimated before.
The main obstacle is computational, as these models are very difficult to solve.
In a recent paper with Jesus Fernandez-Villaverde we have shown that the computa…
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United States, Philadelphia
Type: University / higher education
Activity type: Higher or Secondary Education Establishments
SME: No
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