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dc.contributor.authorBofinger, Peteren_US
dc.contributor.authorMayer, Ericen_US
dc.contributor.authorWollmershäuser, Timoen_US
dc.contributor.authorHülsewig, Oliveren_US
dc.contributor.authorSchmidt, Roberten_US
dc.date.accessioned2011-07-18T14:59:43Z-
dc.date.available2011-07-18T14:59:43Z-
dc.date.issued2002en_US
dc.identifier.urihttp://hdl.handle.net/10419/48459-
dc.description.abstractWhile 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 for an analysis of inflation targeting. We present the BMW model as an alternative framework, which develops the Romer approach into a simple macroeconomic model. It can deal with issues like inflation targeting, monetary policy rules, and central bank credibility. Our open-economy version is a powerful alternative to the IS/LM-based Mundell-Fleming (MF) model. The main advantage of the open-economy BMW model is its ability to discuss the role of inflation and the determination of flexible exchange rates while the MF model is based on fixed prices and constant exchange rates.en_US
dc.language.isoengen_US
dc.publisherUniv., Lehrstuhl für VWL 1 Würzburgen_US
dc.relation.ispartofseriesWürzburg economic papers 34en_US
dc.subject.jelA20en_US
dc.subject.jelE10en_US
dc.subject.jelE50en_US
dc.subject.jelF41en_US
dc.subject.ddc330en_US
dc.subject.keywordmonetary policyen_US
dc.subject.keywordinflation targetingen_US
dc.subject.keywordoptimal interest rate rulesen_US
dc.subject.keywordsimple rulesen_US
dc.subject.keywordmanaged floatingen_US
dc.subject.keywordIS/LMen_US
dc.subject.keywordMundell-Flemingen_US
dc.subject.stwMakroökonomiken_US
dc.subject.stwGeldtheorieen_US
dc.subject.stwOffene Volkswirtschaften_US
dc.subject.stwWirtschaftsstudiumen_US
dc.subject.stwTheorieen_US
dc.subject.stwMundell-Fleming-Modellen_US
dc.titleThe BMW model: A new framework for teaching monetary macroeconomics in closed and open economiesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn352486597en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:wuewep:34-
Appears in Collections:W.E.P. - Würzburg Economic Papers, Lst. f. VWL, Geld u. internat. Wirtschaftsbeziehungen, Universität Würzburg

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