Applications of DSGE Models in Central Banking: Key Issues Explored During Research Workshop of the National Bank of Ukraine

Abstract

This paper reviews a research workshop that was held by the National Bank of Ukraine (NBU) in November 2018 on the application of DSGE models in central banking. We summarize the discussion of the advantages and drawbacks of DSGE modeling and potential ways to resolve issues and improve the models. Furthermore, this paper provides guidance on using DSGE models for forecasting and policy analysis.