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Teaching Undergraduate Macroeconomics with the Taylor-Romer Model

Paul Turner ()

International Review of Economic Education, 2006, vol. 5, issue 1, 73-82

Abstract: 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.

Date: 2006
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Handle: RePEc:che:ireepp:v:5:y:2006:i:1:p:73-82