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003 IT-RoAPU
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008 240826t20092004mau fo d z eng d
020 _a9780674036635
_qPDF
024 7 _a10.4159/9780674036635
_2doi
035 _a(DE-B1597)9780674036635
035 _a(DE-B1597)589936
035 _a(OCoLC)1294424058
040 _aDE-B1597
_beng
_cDE-B1597
_erda
072 7 _aBUS069030
_2bisacsh
082 0 4 _a339
084 _aonline - DeGruyter
100 1 _aFair, Ray C.
_eautore
245 1 0 _aEstimating How the Macroeconomy Works /
_cRay C. Fair.
264 1 _aCambridge, MA :
_bHarvard University Press,
_c[2009]
264 4 _c2004
300 _a1 online resource (314 p.)
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _atext file
_bPDF
_2rda
505 0 0 _tFrontmatter --
_tContents --
_tTables --
_tFigures --
_tPreface --
_tAbbreviations --
_t1 Introduction --
_t2 The MC Model --
_t3 Interest Rate Effects --
_t4 Testing the NAIRU Model --
_t5 U.S. Wealth Effects --
_t6 Testing for a New Economy in the 1990s --
_t7 A "Modern" View of Macroeconomics --
_t8 Estimated European Inflation Costs --
_t9 Stochastic Simulation and Bootstrapping --
_t10 Certainty Equivalence --
_t11 Evaluating Policy Rules --
_t12 EMU Stabilization Costs --
_t13 RE Models --
_t14 Model Comparisons --
_t15 Conclusion --
_tAppendix A The US Model --
_tAppendix B The ROW Model --
_tReferences --
_tIndex
506 0 _arestricted access
_uhttp://purl.org/coar/access_right/c_16ec
_fonline access with authorization
_2star
520 _aMacroeconomics tries to describe and explain the economywide movement of prices, output, and unemployment. The field has been sharply divided among various schools, including Keynesian, monetarist, new classical, and others. It has also been split between theorists and empiricists. Ray Fair is a resolute empiricist, developing and refining methods for testing theories and models. The field cannot advance without the discipline of testing how well the models approximate the data. Using a multicountry econometric model, he examines several important questions, including what causes inflation, how monetary authorities behave and what are their stabilization limits, how large is the wealth effect on aggregate consumption, whether European monetary policy has been too restrictive, and how large are the stabilization costs to Europe of adopting the euro. He finds, among other things, little evidence for the rational expectations hypothesis and for the so-called non-accelerating inflation rate of unemployment (NAIRU) hypothesis. He also shows that the U.S. economy in the last half of the 1990s was not a "new age" economy.
538 _aMode of access: Internet via World Wide Web.
546 _aIn English.
588 0 _aDescription based on online resource; title from PDF title page (publisher's Web site, viewed 26. Aug 2024)
650 7 _aBUSINESS & ECONOMICS / Economics / Theory.
_2bisacsh
850 _aIT-RoAPU
856 4 0 _uhttps://doi.org/10.4159/9780674036635?locatt=mode:legacy
856 4 0 _uhttps://www.degruyter.com/isbn/9780674036635
856 4 2 _3Cover
_uhttps://www.degruyter.com/document/cover/isbn/9780674036635/original
942 _cEB
999 _c189525
_d189525