Recent Development of Global Nonlinear Analysis in Dynamic Stochastic General Equilibrium Models
Dynamic Stochastic General Equilibrium Model provides the mainstream framework in mac-roeconomics.Recently,the deficiencies of linearization,its traditional solution method,become increas-ingly evident,while the global nonlinear method makes breakthroughs in a series of frontier fields,pro-moting the development of macroeconomics.We introduce the general framework and advantages of the global nonlinear method,and review its latest achievements in topics such as monetary policy,financial crises,and economic cycles during structural transformation.Global nonlinear method can enhance the ac-curacy and reliability of macroeconomic theoretical and quantitative analysis,effectively promoting the progress of macroeconomic research in China.
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