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A Simulation Approach to the Taylor-Romer Model of Macroeconomic Stabilisation Policy

  • Ross Guest


    (Griffith University, Queensland, Australia)

This paper shows how spreadsheet simulations can be used to teach the Taylor-Romer model of macroeconomic stabilisation policy. This model is both a simpler and more realistic description of the modern implementation of monetary policy than the traditional IS-LM-AS model. The simulation exercises are quite appropriate at the introductory (or principles) level. One modification is proposed to the model; that is, the replacement of the level of output by the growth rate of output. This allows for a direct illustration of the short run trade-off between growth and inflation in the model.

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Article provided by Economics Network, University of Bristol in its journal Computers in Higher Education Economics Review.

Volume (Year): 15 (2002)
Issue (Month): 1 ()
Pages: 4-7

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Handle: RePEc:che:chepap:v:15:y:2002:i:1:p:4-7
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