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The 3-Equation New Keynesian Model — a Graphical …
www.ucl.ac.ukAbstract We develop a graphical 3-equation New Keynesian model for macroeconomic analysis to replace the traditional IS-LM-AS model. The new graphical IS-PC-MR model is a simple version of the
The 3-Equation New Keynesian Model — a Graphical …
www.ucl.ac.ukThe new graphical IS-PC-MR model is a simple version of the one commonly used in central banks and captures the forward-looking thinking engaged in by the policy maker. We show how it can be modified to include a forward-looking IS curve and how it relates to current debates in monetary macroeconomics, including the New Keynesian Phillips