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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...
| Clasificación: | Libro Electrónico |
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| Otros Autores: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington, D.C. :
International Monetary Fund,
2017.
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| Colección: | IMF working paper ;
WP/17/123. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | 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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| Descripción Física: | 1 online resource (42 pages) |
| Bibliografía: | Includes bibliographical references and index. |
| ISBN: | 9781484302026 1484302028 1484300610 9781484300619 |
| ISSN: | 1018-5941 ; |