Teaching Undergraduate Macroeconomics with the Taylor-Romer Model
AbstractThis paper sets out a version of the Taylor-Romer model of short-run macroeconomic equilibrium which can be used for teaching undergraduate economics principles courses. The aim is to generate a model with the proven advantages of the IS-LM framework but with a more realistic description of central bank behaviour. The paper then provides a dynamic analysis of longer-term adjustment using a phase diagram but without the need for a formal mathematical derivation.
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Bibliographic InfoArticle provided by Economics Network, University of Bristol in its journal International Review of Economics Education.
Volume (Year): 5 (2006)
Issue (Month): 1 ()
Contact details of provider:
Postal: University of Bristol, BS8 1HH, United Kingdom
Fax: +44(0)117 331 4396
Web page: http://www.economicsnetwork.ac.uk/iree
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- David Romer, 2000.
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NBER Working Papers
7461, National Bureau of Economic Research, Inc.
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- William Poole, 1969.
"Optimal choice of monetary policy instruments in a simple stochastic macro model,"
Special Studies Papers
2, Board of Governors of the Federal Reserve System (U.S.).
- Poole, William, 1970. "Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model," The Quarterly Journal of Economics, MIT Press, vol. 84(2), pages 197-216, May.
- William Poole, 1970. "Optimal choice of monetary policy instruments in a simple stochastic macro model," Staff Studies 57, Board of Governors of the Federal Reserve System (U.S.).
- John B. Taylor, 2000. "Teaching Modern Macroeconomics at the Principles Level," American Economic Review, American Economic Association, vol. 90(2), pages 90-94, May.
- James Tobin, 1975.
"Keynesian Models of Recession and Depression,"
Cowles Foundation Discussion Papers
387, Cowles Foundation for Research in Economics, Yale University.
- Ross Guest, 2003. "Modifying the Taylor-Romer Model of Macroeconomic Stabilisation for Teaching Purposes," International Review of Economic Education, Economics Network, University of Bristol, vol. 2(1), pages 55-68.
- Pavel Kapinos, 2011. "Liquidity Trap in an Inflation-Targeting Framework: A Graphical Analysis," International Review of Economic Education, Economics Network, University of Bristol, vol. 10(2), pages 91-105.
- Peter Davies & Ross Guest, 2010. "What effect do we really have on students' understanding and attitudes? How do we know?," International Review of Economic Education, Economics Network, University of Bristol, vol. 9(1), pages 6-9.
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