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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 |
|---|---|
| Otros Autores: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington, D.C. :
International Monetary Fund,
2017.
|
| Colección: | IMF working paper ;
WP/17/123. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 245 | 0 | 4 | |a The Algebraic Galaxy of Simple Macroeconomic Models : |b a hitchhiker's guide / |c prepared by Evan C. Tanner. |
| 260 | |a Washington, D.C. : |b International Monetary Fund, |c 2017. | ||
| 300 | |a 1 online resource (42 pages) | ||
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| 490 | 1 | |a IMF working paper, |x 1018-5941 ; |v WP/17/123 | |
| 504 | |a Includes bibliographical references and index. | ||
| 520 | |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. | ||
| 588 | 0 | |a Print version record. | |
| 505 | 0 | |a Cover -- Table of Contents -- Abstract -- I. Introduction -- II. Expenditures in the Closed Economy -- A. Consumption: A more revealing view -- B. Rescaling Investment and Government Spending -- C. Deriving the IS Curve-a rescaled approach -- III. Equilibrium in a Closed Economy: Core and Expenditure Components -- IV. The Small Open Economy: Exports, Imports, and External Financial Pressures -- A. Exports, Imports, and the Trade Balance -- B. The Open Economy is Curve -- C. Monetary Policy and Inflation in the Open Economy -- D. Equilibrium in the Open Economy-Core Variables and the Trade Balance -- E. The Trade Balance and Monetary Policy: In the Spirit of Marshall and Lerner -- V. Long-run expenditure shares: Some links to microeconomics -- A. The Closed Economy -- B. The Small Open Economy -- VI. Extension: Logarithms, Growth Rates, and Elasticities -- VII. Static Macroeconimc Models: Something's Lost but Something's Gained -- VIII. REFERENCES -- IX. Appendix -- FIGURES -- 1: Closed Economy Model: Shocks and Output Gap -- 2: Closed Economy Model: Graphics, Core Variables and Expenditure -- 3: Internal and External Factors that Directly Impact Relative Prices -- 4: Small Open Economy Model: Shocks and Output Gap Components -- 5: Small Open Economy Model: Graphical Exposition: Core Variables, Net -- 6: Small Open Economy Model: Solutions for Core variables, and External Sector -- 7: The Expanded Marshall-Lerner (EML) Condition. | |
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| 700 | 1 | |a Tanner, Evan C., |e preparer. | |
| 776 | 0 | 8 | |i Print version: |a Tanner, Evan C. |t Algebraic Galaxy of Simple Macroeconomic Models. |d Washington, D.C. : International Monetary Fund, ©2017 |z 9781484300619 |
| 830 | 0 | |a IMF working paper ; |v WP/17/123. | |
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