Journal of Economic Literature (JEL) Code(s)
E12, E32, E77
This comment points out mismeasurement of three of the variables in the DSGE model in Del Negro, Giannoni, and Schorfheide (2015). These errors began with the model in Smets and Wouters (2007), and they also exist in other models that use the Smets-Wouters model as a benchmark. The mismeasurement appears serious enough to call into question the reliability of empirical results using these variables.
Fair, Ray C., "Inflation in the Great Recession and New Keynesian Models: Comment" (2019). Cowles Foundation Discussion Papers. 93.