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Dynamic stochastic general equilibrium (DSGE) models have begun to dominate the field of macroeconomic theory and policy-making. These models describe the evolution of macroeconomic activity as a recursive sequence of outcomes based upon the optimal decision rules of rational households, firms and policy-makers. Whilst posing a micro-founded dynamic optimisation problem for agents under uncertainty, such models have been shown to be both analytically tractable and sufficiently rich for meaningful policy analysis in a wide class of macroeconomic problems, for example,…
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Editors
Sumru Altug,Koç University, Istanbul
Sumru Altug is Professor at Koc University, Turkey. She is the joint author of Dynamic Choice and Asset Markets (with Pamela Labadie, 1995).
Jagjit S. Chadha,National Institute of Economic and Social Research
Jagjit Chadha is Lecturer in Economics at Cambridge University and Fellow of Clare College, Cambridge.
Charles Nolan,University of Durham
Charles Nolan is Lecturer in the Department of Economics and Finance at the University of Durham.