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Contribution Details
| Type | Book Chapter |
| Scope | Discipline-based scholarship |
| Title | Post-crisis macrofinancial modeling: continuous time approaches |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
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| Booktitle | The Handbook of Post Crisis Financial Modeling |
| ISBN | 978-1-349-57578-7 |
| Place of Publication | London |
| Publisher | Palgrave Macmillan UK |
| Page Range | 235 - 282 |
| Date | 2016 |
| Abstract Text | Prior to the crisis the dominant paradigm in macroeconomic modeling was the micro-founded "New-Keynesian" DSGE model (described in many textbooks including the influential exposition of Woodford (2003)). In its most basic form this combines price-stickiness with forward looking decision making by both households and firms. This provides a tractable framework for capturing the response of output and inflation to both demand and supply shocks and explaining intuitively the transmission of monetary policy (with monetary policy characterized as a choice over rules for current and future interest rates). |
| Related URLs | |
| Digital Object Identifier | 10.1007/978-1-137-49449-8_10 |
| Other Identification Number | merlin-id:13297 |
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