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...

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Bibliographic Details
Call Number:Libro Electrónico
Other Authors: Tanner, Evan C. (preparer.)
Format: Electronic eBook
Language:Inglés
Published: Washington, D.C. : International Monetary Fund, 2017.
Series:IMF working paper ; WP/17/123.
Subjects:
Macroeconomics > Econometric models.
BUSINESS & ECONOMICS > Economics > Macroeconomics.
POLITICAL SCIENCE > Economic Conditions.
Macroeconomics > Econometric models
Online Access:Texto completo
Table of Contents:
  • 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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