| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3965 |
| DP3965 Identification and Estimation of Dynamic Games | |
| Martin Pesendorfer; Philipp Schmidt-Dengler | |
| 发表日期 | 2003-07-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | While the IS/LM-AS/AD model is still the central tool of macroeconomic teaching it has been criticised by several economists. The model is unable to deal with a monetary policy that uses the interest rate as its operating target (Romer [2000]). Walsh [2002] has criticised that it is not suited for an analysis of inflation targeting. We present the BMW model as an alternative framework, which develops the Romer approach into a simple macroeconomic model. It can deal with issues like inflation targeting, monetary policy rules, and central bank credibility. Our open-economy version is a powerful alternative to the IS/LM-based Mundell-Fleming (MF) model. The main advantage of the open-economy BMW model is its ability to discuss the role of inflation and the determination of flexible exchange rates while the MF model is based on fixed prices and constant exchange rates. |
| 主题 | International Macroeconomics |
| 关键词 | A20 monetary policy Inflation targeting Optimal interest rate rules Simple rules Is/lm Mundell-fleming |
| URL | https://cepr.org/publications/dp3965 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532947 |
| 推荐引用方式 GB/T 7714 | Martin Pesendorfer,Philipp Schmidt-Dengler. DP3965 Identification and Estimation of Dynamic Games. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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