The Algebraic Galaxy of Simple Macroeconomic Models : A Hitchhiker's Guide /

Simple macroeconomic frameworks like the IS/LM have survived because they help us conceptualize complex problems while also providing 'back of the envelope' estimates of macroeconomic outcomes. Herein, a bare-bones New Keynesian extension of the IS/LM model yields solutions for core macro...

詳細記述

書誌詳細
第一著者: Tanner, Evan
フォーマット: 雑誌
言語:English
出版事項: Washington, D.C. : International Monetary Fund, 2017.
シリーズ:IMF Working Papers; Working Paper ; No. 2017/123
オンライン・アクセス:Full text available on IMF
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500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
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520 3 |a Simple macroeconomic frameworks like the IS/LM have survived because they help us conceptualize complex problems while also providing 'back of the envelope' estimates of macroeconomic outcomes. Herein, a bare-bones New Keynesian extension of the IS/LM model yields solutions for core macro variables (output gap, inflation, interest rate, real exchange rate misvaluation)-expressed in percent. We then extend that standard model to also generate a corresponding set of demand-side elements-expressed in currency units. A key aim of the paper is to reconcile these two metrics in ways that also aid communication and intuition-including through IS/LM-style graphs. 
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