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A New Keynesian Workbook

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  • Pavel S. Kapinos

    (Carleton College)

Abstract

A large literature has recently developed to place the New Keynesian framework for analyzing business cycle fluctuations and the conduct of monetary policy into undergraduate economics curricula. New Keynesian models offer several attractive modeling aspects: straightforward linear specifications of structural relations, intuitive and clear dynamic properties, derivation from microfoundations. This paper provides a description of an Excel-based application that presents several versions of the New Keynesian model: static, with adaptive expectations, and with rational expectations. The latter two versions also provide dynamic descriptions of variables' evolution in terms of impulse response functions.

Suggested Citation

  • Pavel S. Kapinos, 2010. "A New Keynesian Workbook," International Review of Economic Education, Economics Network, University of Bristol, vol. 9(1), pages 111-123.
    • Handle: RePEc:che:ireepp:v:9:y:2010:i:1:p:111-123
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    File URL: https://www.economicsnetwork.ac.uk/iree/v9n1/kapinos.pdf
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    References listed on IDEAS

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    4. Peter Bofinger & Eric Mayer & Timo Wollmershäuser, 2006. "The BMW Model: A New Framework for Teaching Monetary Economics," The Journal of Economic Education, Taylor & Francis Journals, vol. 37(1), pages 98-117, January.
    5. Carlin, Wendy & Soskice, David, 2005. "Macroeconomics: Imperfections, Institutions, and Policies," OUP Catalogue, Oxford University Press, number 9780198776222.
    6. David H. Romer, 2000. "Keynesian Macroeconomics without the LM Curve," Journal of Economic Perspectives, American Economic Association, vol. 14(2), pages 149-169, Spring.
    7. David Colander, 1995. "The Stories We Tell: A Reconsideration of AS/AD Analysis," Journal of Economic Perspectives, American Economic Association, vol. 9(3), pages 169-188, Summer.
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    Cited by:

    1. Pavel S. Kapinos, 2014. "Myopia, Discretion, and Commitment in a Two‐Period AS/AD Model," Southern Economic Journal, John Wiley & Sons, vol. 80(4), pages 1055-1069, April.
    2. Pedro de Araujo & Roisin O’Sullivan & Nicole B. Simpson, 2013. "What Should be Taught in Intermediate Macroeconomics?," The Journal of Economic Education, Taylor & Francis Journals, vol. 44(1), pages 74-90, March.

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