Abstract
The aim of this paper is to discuss implications of important macroeconomic changes observed since 2000 on the further development of DSGE models. The starting point is to ask if the most recent DSGE model is flexible enough to allow for the possibility of the persistent drop in the growth rate of potential GDP observed in the Korean economy. The other topics include the relation between economic crisis and inequalities, the implications of observed jobless recoveries on the specification of labor market in DSGE models, macroeconomic impacts of household debt and government debt.
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