The dynamic general equilibrium (DGE) model, in particular its more popular version, the Real Business Cycle Model, has become a major paradigm in macroeconomics. It has been applied in numerous fields of economics. Its essential features are the assumptions of intertemporal optimizing behavior of economic agents, competitive markets and price-mediated market clearing through flexible wages and prices. In this type of stochastic dynamic macromodeling only real shocks, such as technology shocks, monetary and government spending shocks variation in tax rates or shifts in preferences generate macro fluctuations.
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Gang Gong
Willi Semmler
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