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The BMW model: A new framework for teaching monetary macroeconomics in closed and open economies
Bofinger, Peter; Mayer, Eric; Wollmershäuser, Timo; … - 2003
While the IS/LM-AS/AD model is still the central tool of macroeconomic teaching it has been criticised by several economists. The model is unable to deal with a monetary policy that uses the interest rate as its operating target ( Romer [2000]). Walsh [2002] has criticised that it is not suited...
Persistent link: https://www.econbiz.de/10010305749
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The BMW model: Simple macroeconomics for closed and open economies a requiem for the IS/LM-AS/AD and the Mundell-Fleming model
Bofinger, Peter; Mayer, Eric; Wollmershäuser, Timo - 2002
While the IS/LM-AS/AD model is still the central tool of macroeconomic teaching in most macroeconomic textbooks, it has been criticised by several economists. Colander [1995] has demonstrated that the framework is logically inconsistent, Romer [2000] has shown that it is unable to deal with a...
Persistent link: https://www.econbiz.de/10010305767
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The BMW Model: A New Framework for Teaching Monetary Economics
Bofinger, Peter; Mayer, Eric; Timo Wollmershäuser - In: Journal of Economic Education 37 (2006) 1, pp. 98-117
Although the IS/LM-AS/AD model is still the central tool of macroeconomic teaching in most macroeconomic textbooks, it has been criticized by several economists. Colander (1995) demonstrated that the framework is logically inconsistent, Romer (2000) showed that it is unable to deal with a...
Persistent link: https://www.econbiz.de/10005464534
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The BMW model: A new framework for teaching monetary macroeconomics in closed and open economies
Bofinger, Peter; Mayer, Eric; Wollmershäuser, Timo; … - Wirtschaftswissenschaftliche Fakultät, Bayerische … - 2003
While the IS/LM-AS/AD model is still the central tool of macroeconomic teaching it has been criticised by several economists. The model is unable to deal with a monetary policy that uses the interest rate as its operating target ( Romer [2000]). Walsh [2002] has criticised that it is not suited...
Persistent link: https://www.econbiz.de/10009226100
Cover Image
The BMW model: simple macroeconomics for closed and open economies a requiem for the IS/LM-AS/AD and the Mundell-Fleming model
Bofinger, Peter; Mayer, Eric; Wollmershäuser, Timo - Wirtschaftswissenschaftliche Fakultät, Bayerische … - 2002
While the IS/LM-AS/AD model is still the central tool of macroeconomic teaching in most macroeconomic textbooks, it has been criticised by several economists. Colander [1995] has demonstrated that the framework is logically inconsistent, Romer [2000] has shown that it is unable to deal with a...
Persistent link: https://www.econbiz.de/10009226109
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The BMW model : a new framework for teaching monetary macroeconomics in closed and open economies
Bofinger, Peter (contributor); Mayer, Eric (contributor);  … - 2003 - rev.
While the IS/LM-AS/AD model is still the central tool of macroeconomic teaching it has been criticised by several economists. The model is unable to deal with a monetary policy that uses the interest rate as its operating target ( Romer [2000]). Walsh [2002] has criticised that it is not suited...
Persistent link: https://www.econbiz.de/10010498980