Central Bank Models: The Next Generation
In November 2016, the Bank organized a workshop on “Central Bank Models: The Next Generation” to stimulate the Bank’s thinking towards developing the next generation of policy models. In this workshop, Bank staff discussed three important subjects with academics and practitioners: (i) new directions for model development, (ii) desired features of the modeling toolbox, and (iii) the role of models in the policy process. In this note, the Organizing Committee summarizes the main conclusions for each of these subjects.
Session 1: Central Banks: Current Experiences and Views on the Next Generation of Policy Models
Chair: Timothy Lane (Bank of Canada)
Session 2: Central Banker’s Modeling Toolbox: One-for-All or All-for-One?
Chair: Stephen Murchison (Bank of Canada)
Chair: Césaire Meh (Bank of Canada)
John Taylor (Stanford University)
Session 3: Challenges to the Business Cycle Paradigm in Central Bank Models
Chair: Sharon Kozicki (Bank of Canada)
Session 4: How Should We Revolutionize Central Bank Models?
Chair: Jing Yang (Bank of Canada)