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FIEM016.pdf

Article Title : Survey of Monetary Policy Research based on DSGE Model
Author(s) : Qianwei Zhang
Corresponding Author : Qianwei Zhang
Keywords : DSGE, Monetary Policy, Monetary Policy Rules.
PDF : http://download.BCPub.org/proceedings/2020/FIEM2020/FIEM016.pdf
Abstract

Monetary policy tool is an important part of the intention of implementing monetary policy. The choice of monetary policy tool by the central bank has a great impact on the realization of monetary policy objectives and the effect of policy implementation. In recent years, DSGE model is widely used by the central banks of major developed countries, and it has been proved that DSGE model is an effective tool for analyzing monetary policy in theory and practice. The systematic and standardized analysis is carried out in the DSGE model with micro basis, which provides a more unified theoretical analysis framework for comparing the regulatory performance of different monetary policy tools. This paper summarizes the main theories of monetary policy rules, introduces the meaning and advantages of DSGE model, and analyzes the main fields and research progress of DSGE model in the analysis of monetary policy. This paper hopes to provide a reference for optimizing DSGE analysis model of monetary policy.

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