动态随机一般均衡(DSGE)框架的演进——基于RANK和HANK模型的简述

The Evolution of Dynamic Stochastic General Equilibrium( DSGE )Framework——Brief Introduction based on RANK and HANK Model

本文梳理了近40年来现代宏观经济分析的主流框架-动态随机一般均衡(DSGE)模型-演进路径和内生动因。DSGE模型始于1980年代的真实经济周期(RBC)模型,发展于2000年以来的代表性(同质性)家庭新凯恩斯(RANK)模型,兴盛于2020年以来的异质性新凯恩斯(HANK)模型。本文仅从货币政策传导机制与前瞻指引之谜两个视角简单分析了DSGE模型演进的内在动因,以提供一个相对清晰的文献脉络,达到抛砖引玉的目的。

This paper reviews the endogenous evolutionary paths and driving forces of the dominant framework of modern macroeconomic analysis over the last 40 years-dynamic stochastic general equilibrium(DSGE)models.The DSGE model began with the Real Business Cycle(RBC)model in the 1980 s,developed in the(homogeneous)representative household New Keynesian(RANK)model since 2000,and flourished in the heterogeneous New Keynesian(HANK)model since 2020.This paper only briefly analyzes the driving forces underlying the evolution of DSGE models from two perspectives:monetary policy transmission mechanism and the forward guidance puzzle.In this sense,we provide a relatively clear line of literature for the purpose to set the ball rolling.