Teaching Undergraduate Macroeconomics with the Taylor-Romer Model
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.
Volume (Year): 5 (2006)
Issue (Month): 1 ()
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References listed on IDEAS
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- William Poole, 1970.
"Optimal choice of monetary policy instruments in a simple stochastic macro model,"
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- William Poole, 1969. "Optimal choice of monetary policy instruments in a simple stochastic macro model," Special Studies Papers 2, Board of Governors of the Federal Reserve System (U.S.).
- David H. Romer, 2000.
"Keynesian Macroeconomics without the LM Curve,"
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- 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.
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