Using Spreadsheets to Explore Neoclassical Assumptions in a Keynesian Model
This paper presents a way to incorporate the neoclassical assumptions of the permanent income hypothesis and rational expectations into a spreadsheet version of a textbook new Keynesian model. This approach allows students to compare these schools of thought through many different types of numerical exercise, and so may improve course continuity. If students are asked to set up the spreadsheets themselves, any black box aspects of the exercises will be minimised because setting up the spreadsheets involves the students in the mathematics of the model.
Volume (Year): 14 (2001)
Issue (Month): 2 ()
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