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The Algebraic Galaxy of Simple Macroeconomic Models
Mr.Evan C Tanner
其他書名
A Hitchhiker’s Guide
出版International Monetary Fund, 2017-05-24
主題Business & Economics / Foreign ExchangeBusiness & Economics / Banks & BankingBusiness & Economics / Production & Operations Management
ISBN14843017739781484301777
URLhttp://books.google.com.hk/books?id=ArhADwAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋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.