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 ()
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Postal: University of Bristol, BS8 1HH, United Kingdom
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Web page: http://www.economicsnetwork.ac.uk/iree
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- 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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