这篇文章的总结比较精彩,大家共赏: On DSGE Models,The enterprise of DSGE modeling is an organic process that involves the constant interaction of data and theory. Pre-crisis DSGE models had shortcomings that were highlighted by the financial crisis and its aftermath. Substantial progress has occurred since then. We have emphasized the incoporation of financial frictions and heterogeneity into DSGE models. However, we should also mention that other exciting work is being done in this area, like research on deviations from conventional rational expectations. These deviations include k-level thinking, robust control, social learning, adaptive learning, and relaxing the assumption of common knowledge. Frankly, we do not know which of these competing approaches will play a prominent role in the next generation of mainstream DSGE models.
Will the future generation of DSGE models predict the time and nature of the next crisis? Frankly, we doubt it. As far as we know, there is no sure, time-tested way of foreseeing the future. The proximate cause for the financial crisis was a failure across the economics profession, policymakers, regulators, and financial market professionals to recognize and to react appropriately to the growing size and leverage of the shadow-banking sector. DSGE models are evolving in response to that failure as well as to the treasure trove of micro data available to economists. We don't know where that process will lead. But we do know that DSGE models will remain central to how macroeconomists think about aggregate phenomena and policy. There is simply no crediable alternative to policy analysis in a world of competing economic forces operating on different parts of the economy.