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The 3-Equation New Keynesian Model: A Graphical Exposition

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Carlin, Wendy
Soskice, David

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Abstract

We develop a graphical 3-equation New Keynesian model for macroeconomic analysis to replace the traditional IS-LM-AS model. The new graphical IS-PC-MR model is a simple version of the one commonly used in central banks and captures the forward-looking thinking engaged in by the policy-maker. We show how it can be modified to include a forward-looking IS curve and how it relates to current debates in monetary macroeconomics, including the New Keynesian Phillips Curve and the Sticky Information Phillips Curve models.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 4588.

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Date of creation: Sep 2004
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Handle: RePEc:cpr:ceprdp:4588

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Related research
Keywords: A22 A23; monetary policy rules; New Keynesian macroeconomics; New Keynesian Phillips curve; sticky information Phillips curve; Taylor rules;

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E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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  1. Roberto Tamborini, 2006. "Back to Wicksell? In search of the foundations of practical monetary policy," Department of Economics Working Papers 0602, Department of Economics, University of Trento, Italia. [Downloadable!]
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