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Post-crisis macrofinancial modeling: continuous time approaches

Isohätälä, Jukka; Klimenko, Nataliya; Milne, Alistair (2016). Post-crisis macrofinancial modeling: continuous time approaches. In: Haven, Emmanuel; Molyneux, Philip; Wilson, John; Fedotov, Sergei; Duygun, Meryem. The Handbook of Post Crisis Financial Modeling. London: Palgrave Macmillan UK, 235-282.

Abstract

Prior to the crisis the dominant paradigm in macroeconomic modeling was the micro-founded "New-Keynesian" DSGE model (described in many textbooks including the influential exposition of Woodford (2003)). In its most basic form this combines price-stickiness with forward looking decision making by both households and firms. This provides a tractable framework for capturing the response of output and inflation to both demand and supply shocks and explaining intuitively the transmission of monetary policy (with monetary policy characterized as a choice over rules for current and future interest rates).

Additional indexing

Item Type:Book Section, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Finance
Dewey Decimal Classification:330 Economics
Scopus Subject Areas:Social Sciences & Humanities > General Economics, Econometrics and Finance
Social Sciences & Humanities > General Business, Management and Accounting
Scope:Discipline-based scholarship (basic research)
Language:English
Date:2016
Deposited On:06 Jan 2017 14:44
Last Modified:15 Aug 2024 03:42
Publisher:Palgrave Macmillan UK
ISBN:978-1-349-57578-7
OA Status:Closed
Publisher DOI:https://doi.org/10.1007/978-1-137-49449-8_10
Related URLs:http://link.springer.com/chapter/10.1007/978-1-137-49449-8_10 (Publisher)
Other Identification Number:merlin-id:13297
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