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Does Evidence Challenge the Dsge Model?

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Araújo T., Terlica S., Eleutério S., Louçã F.
International Journal of Entrepreneurial Knowledge
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2014
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vol. 2
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issue 2
15-24
EN
DSGE are for a time the favorite models in the simulation of monetary policies at the central banks. Two of its basic assumptions are discussed in this paper: (a) the absence of endogenous nonlinearities and the exogenous nature of shocks and (b) the persistence of or the return to equilibrium after a shock, or the absence of dynamics. Our analysis of complex financial markets, using historical data of S&P500, suggests otherwise that financial regimes endogenously change and that equilibrium is an artifact.
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