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- W1971098082 abstract "In a series of prominent and influential papers of which the current paper is an outgrowth, Jeffrey Fuhrer has been proposing a radical rethinking of much of empirical macroeconomics. I very much like Fuhrer's basic approach to macroeconomic modeling which involves the specification and estimation of three behavioral equations. The first of these is the interest-rate rule which gives the behavior of the central bank as it conducts monetary policy. The second is the IS curve which gives the behavior of purchasers of final output as a function of the real interest rate. Finally, the third equation is the price-setting rule; it characterizes the behavior of the producers of output - be they workers or firms. Each of these three equations involves three variables, namely, the nominal interest rate, the rate of inflation, and the level of output. Given the centrality of these three variables in our field, this structure provides a wonderfully convenient vehicle for discussing many of the basic questions with which macroeconomics is concerned. In the current paper, Fuhrer spends most of his time developing and estimating a set of equations describing consumption and investment which represent potential replacements for the IS curve of his original papers with George Moore. These newer equations are derived from optimizing behavior by at least some of the agents doing the consuming and the investing. These equations are then embedded into a complete model that also contains the interest-rate and price-setting rules from the earlier papers. The complete model is stochastically simulated and the correlations among the variables of the simulated model are then compared with the actual correlations among macroeconomic variables. As Fuhrer shows, many of the simulated correlations, particularly those relating real variables and interest rates, are grossly" @default.
- W1971098082 created "2016-06-24" @default.
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- W1971098082 date "1997-12-01" @default.
- W1971098082 modified "2023-09-27" @default.
- W1971098082 title "Towards a compact, empirically-verified rational expectations model for monetary policy analysis" @default.
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- W1971098082 doi "https://doi.org/10.1016/s0167-2231(98)00011-6" @default.
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