The analytics of the New Keynesian 3-equation Model

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: Tis 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 rate, depending on the key under-lying parameters of the economy.

Keywords: dynamic IS curve; impulse response analysis; New Keynesian Macro-economics; New Keynesian Phillips Curve; output gap; Taylor rule (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (5)

Published in Economics and business review, 2015, 1(15) (2), pp.110-129. ⟨10.18559/ebr.2015.2.6⟩

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Working Paper: The analytics of the New Keynesian 3-equation Model (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01184591

DOI: 10.18559/ebr.2015.2.6

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