Critical Assumptions Economists Make in Economic Models

Discover how economists' assumptions shape economic models, affecting predictions about consumer behavior, resource ...
San Francisco Fed

Macroeconomic Models for Monetary Policy: Conference Summary

Papers presented at the conference on “Macroeconomic Models for Monetary Policy” held March 6, 2009, at the Federal Reserve Bank of San Francisco addressed such issues as how to model wage and price ...
International Monetary Fund

AI and Macroeconomic Modeling: Deep Reinforcement Learning in an RBC model

This study seeks to construct a basic reinforcement learning-based AI-macroeconomic simulator. We use a deep RL (DRL) approach (DDPG) in an RBC macroeconomic model. We set up two learning scenarios, ...
International Monetary Fund

The Very Model of Modern Monetary Policy

New economic models can help policymakers better understand the effects of their inflation-taming measures Much about today’s inflation is not well understood. Why are some households seriously harmed ...
The American Prospect

Six Ways Existing Economic Models Are Killing the Economy

This article appears in the April 2023 issue of The American Prospect magazine. Subscribe here. Americans have been hammered for decades with an economic message that amounts to this: When wealthy ...