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Dynamic Stochastic General Equilibrium (DSGE) models have become a standard
tool in various fields of economics. This type of models has a superior
theoretical foundation when compared to the Keynesian models which are
traditionally used for policy analysis and forecasting. Although a lot has been
done to improve the empirical properties of DSGE models, there is still a need
for further research in this field. In this book, the author first considers a
closed economy general equilibrium framework to empirically validate the alternative
mechanisms for introducing nominal rigidities. As the...