The Analytics of the New Keynesian 3-equation Model

Jean-Christophe Poutineau , Karolina Sobczak , Gauthier Vermandel

Abstract

This paper aims at providing a self contained presentation of the ideas and solution procedure of New Keynesian Macroeconomics models. Using the benchmark "3 equation model", we introduce the reader to an intuitive, static version of the model before incorporating more technical aspects associated with the dynamic nature of the model. We then discuss the relative contribution of supply, demand and policy shocks to the fluctuations of activity, inflation and interest rate, depending on the key underlying parameters of the economy.
Author Jean-Christophe Poutineau - Université de Rennes, France
Jean-Christophe Poutineau,,
-
, Karolina Sobczak (WIiGE / KEM)
Karolina Sobczak,,
- Department of Mathematical Economics
, Gauthier Vermandel - Université de Rennes, France
Gauthier Vermandel,,
-
Journal seriesEconomics and Business Review, [Poznan University of Economics Review], ISSN 2392-1641, e-ISSN 2450-0097, [1643-5877], (B 15 pkt)
Issue year2015
Vol1 (15)
No2
Pages110-129
Publication size in sheets0.95
Keywords in Englishdynamic IS curve, impulse response analysis, New Keynesian Macroeconomics, New Keynesian Phillips Curve, output gap, Taylor rule
URL http://www.ebr.edu.pl/pub/2015_2_110.pdf
Languageen angielski
File
2015_2_110.pdf 4.64 MB
Score (nominal)15
Score sourcejournalList
ScoreMinisterial score = 15.0, 30-12-2019, ArticleFromJournal
Ministerial score (2013-2016) = 15.0, 30-12-2019, ArticleFromJournal
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