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In response to national and international carbon reduction goals, renewable energy resources like photovoltaics (PV) and wind, and energy storage technologies like fuel-cells are being extensively integrated in electric grids. All these energy resources require power electronic converters (PECs) to interconnect to the electric grid. These PECs have different response characteristics to dynamic stability issues compared to conventional synchronous generators. As a result, the demand for validated models to study and control these stability issues of PECs has increased drastically. This paper provides a review of the existing PEC model types and their applicable uses. The paper provides a description of the suitable model types based on the relevant dynamic stability issues. Challenges and benefits of using the appropriate PEC model type for studying each type of stability issue are also presented.