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Modelling the Macroeconomic Policy Framework for an Emerging Market Economy


  • Green, Christopher J
  • Murinde, Victor


The authors propose a macroeconomic model suitable for policy analysis for an emerging market economy (EME). The model neither uncritically applies conventional macrotheory nor departs altogether from orthodoxy; rather, it modifies the conventional framework and captures the distinctive features of EMEs. The structure of the model is reduced to three equations: aggregate demand, aggregate supply, and the balance of payments. The authors use these directly to derive policy multipliers. The model innovatively encompasses competing hypotheses from the neoclassical and new-structuralist paradigms, and the three-equation format is particularly convenient for simulation experiments and other empirical work for EMEs with finite macroeconomic series. Copyright 1998 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Green, Christopher J & Murinde, Victor, 1998. "Modelling the Macroeconomic Policy Framework for an Emerging Market Economy," The Manchester School of Economic & Social Studies, University of Manchester, vol. 66(3), pages 302-330, June.
  • Handle: RePEc:bla:manch2:v:66:y:1998:i:3:p:302-30

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    References listed on IDEAS

    1. Christina D. Romer & David H. Romer, 1990. "New Evidence on the Monetary Transmission Mechanism," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 21(1), pages 149-214.
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    Cited by:

    1. Dua Pami & Rashid Aneesa Ismail & Salvatore Dominick, 2000. "The Impact of Financial and Fiscal Variables on Economic Growth: The Case of India and Korea," International Economic Journal, Taylor & Francis Journals, vol. 14(2), pages 133-150.

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