Teaching Undergraduate Macroeconomics with the Taylor-Romer Model
Paul Turner ()
International Review of Economic Education, 2006, vol. 5, issue 1, 73-82
This paper sets out a version of the Taylor-Romer model of short-run macroeconomic equilibrium which can be used for teaching undergraduate economics principles courses. The aim is to generate a model with the proven advantages of the IS-LM framework but with a more realistic description of central bank behaviour. The paper then provides a dynamic analysis of longer-term adjustment using a phase diagram but without the need for a formal mathematical derivation.
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