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Macrofinancial Modeling at Central Banks: Recent Developments and Future Directions

Macrofinancial Modeling at Central Banks: Recent Developments and Future Directions by Jan Vlcek
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This paper surveys dynamic stochastic general equilibrium models with financial frictions in use by central banks and discusses priorities for future development of such models for the purpose of monetary and financial stability analysis. It highlights the need to develop macrofinancial models which allow analysis of the macroeconomic effects of macroprudential policy tools and to evaluate elements of the Basel III reforms as a priority. The paper also reviews the main approaches to introducing financial frictions into general equilibrium models.
International Monetary Fund; January 2012
39 pages; ISBN 9781463947552
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Title: Macrofinancial Modeling at Central Banks: Recent Developments and Future Directions
Author: Jan Vlcek; Scott Roger