Modelling the Macroeconomic Policy Framework for an Emerging Market Economy
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
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Volume (Year): 66 (1998)
Issue (Month): 3 (June)
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