Year: 2025
Type: software-paper
Abstract: At its core, Snowdrop is a versatile Python package designed for the analysis of macroeconomic Dynamic Stochastic General Equilibrium (DSGE ) models.These DSGE models form a class of macroeconomic frameworks that elucidate the economy's behavior by considering the intertemporal decisions made by economic agents, including households, firms, and the government.Snowdrop package provides an extensive framework for studying various related economic models, including New Keynesian models, Real Business Cycle models, Gap models, and Overlapping Generations models.Snowdrop equips researchers with essential tools to address the fundamental requirements of these models, encompassing estimation, simulation, and forecasting processes.In particular, the package employs robust and efficient solution techniques to solve both linear and nonlinear perfect foresight models based on the rational expectations hypothesis, which is critical for many DSGE models.
DOI: 10.21105/joss.08197
Authors: Alexei Goumilevski, James Otterson
Institution: International Monetary Fund
Language: English
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4413378501