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Teaching Undergraduate Macroeconomics with the Taylor-Romer Model

  • Paul Turner

    ()

    (Loughborough University)

This paper sets out a version of the Taylor-Romer model of short-run macroeconomic equilibrium which can be used for teaching undergraduate economics principles courses. The aim is to generate a model with the proven advantages of the IS-LM framework but with a more realistic description of central bank behaviour. The paper then provides a dynamic analysis of longer-term adjustment using a phase diagram but without the need for a formal mathematical derivation.

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File URL: http://www.economicsnetwork.ac.uk/iree/v5n1/turner.pdf
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Article provided by Economics Network, University of Bristol in its journal International Review of Economics Education.

Volume (Year): 5 (2006)
Issue (Month): 1 ()
Pages: 73-82

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Handle: RePEc:che:ireepp:v:5:y:2006:i:1:p:73-82
Contact details of provider: Postal: University of Bristol, BS8 1HH, United Kingdom
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  1. David H. Romer, 2000. "Keynesian Macroeconomics without the LM Curve," Journal of Economic Perspectives, American Economic Association, vol. 14(2), pages 149-169, Spring.
  2. Poole, William, 1970. "Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model," The Quarterly Journal of Economics, MIT Press, vol. 84(2), pages 197-216, May.
  3. James Tobin, 1975. "Keynesian Models of Recession and Depression," Cowles Foundation Discussion Papers 387, Cowles Foundation for Research in Economics, Yale University.
  4. John B. Taylor, 2000. "Teaching Modern Macroeconomics at the Principles Level," American Economic Review, American Economic Association, vol. 90(2), pages 90-94, May.
  5. Ross Guest, 2003. "Modifying the Taylor-Romer Model of Macroeconomic Stabilisation for Teaching Purposes," International Review of Economic Education, Economics Network, University of Bristol, vol. 2(1), pages 55-68.
  6. David Colander, 1995. "The Stories We Tell: A Reconsideration of AS/AD Analysis," Journal of Economic Perspectives, American Economic Association, vol. 9(3), pages 169-188, Summer.
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