The analytics of the New Keynesian 3-equation Model

Analyses du modèle à 3 équations de la Nouvelle Macroéconomie Keynésienne

Jean-Christophe Poutineau (), Karolina Sobczak () and Gauthier Vermandel
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Jean-Christophe Poutineau: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique
Karolina Sobczak: PUEB - Poznań University of Economics and Business, CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique

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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 rates, depending on the key underlying parameters of the economy.

Keywords: Dynamic IS curve; impulse response analysis; New Keynesian Macroeconomics; New Keynesian Phillips Curve; output gap; Taylor rule (search for similar items in EconPapers)
Date: 2015-09-07
New Economics Papers: this item is included in nep-mac
Note: View the original document on HAL open archive server: https://hal.science/hal-01194642
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Citations: View citations in EconPapers (7)

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Related works:
Working Paper: The analytics of the New Keynesian 3-equation Model (2015)
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