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Modelling the Macroeconomic Policy Framework for an Emerging Market Economy

Christopher Green and Victor Murinde

The Manchester School of Economic & Social Studies, 1998, vol. 66, issue 3, 302-30

Abstract: The authors propose a macroeconomic model suitable for policy analysis for an emerging market economy (EME). The model neither uncritically applies conventional macrotheory nor departs altogether from orthodoxy; rather, it modifies the conventional framework and captures the distinctive features of EMEs. The structure of the model is reduced to three equations: aggregate demand, aggregate supply, and the balance of payments. The authors use these directly to derive policy multipliers. The model innovatively encompasses competing hypotheses from the neoclassical and new-structuralist paradigms, and the three-equation format is particularly convenient for simulation experiments and other empirical work for EMEs with finite macroeconomic series. Copyright 1998 by Blackwell Publishers Ltd and The Victoria University of Manchester

Date: 1998
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