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dc.contributor.authorBofinger, Peteren
dc.contributor.authorMayer, Ericen
dc.contributor.authorWollmershäuser, Timoen
dc.contributor.authorHülsewig, Oliveren
dc.date.accessioned2011-07-18T14:59:43Z-
dc.date.available2011-07-18T14:59:43Z-
dc.date.issued2003-
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
dc.language.isoengen
dc.publisher|aUniversity of Würzburg, Department of Economics |cWürzburgen
dc.relation.ispartofseries|aW.E.P. - Würzburg Economic Papers |x34en
dc.subject.jelA20en
dc.subject.jelE10en
dc.subject.jelE50en
dc.subject.jelF41en
dc.subject.ddc330en
dc.subject.keywordmonetary policyen
dc.subject.keywordinflation targetingen
dc.subject.keywordoptimal interest rate rulesen
dc.subject.keywordsimple rulesen
dc.subject.keywordmanaged floatingen
dc.subject.keywordIS/LMen
dc.subject.keywordMundell-Flemingen
dc.subject.stwMakroökonomiken
dc.subject.stwGeldtheorieen
dc.subject.stwOffene Volkswirtschaften
dc.subject.stwWirtschaftsstudiumen
dc.subject.stwTheorieen
dc.subject.stwMundell-Fleming-Modellen
dc.titleThe BMW model: A new framework for teaching monetary macroeconomics in closed and open economies-
dc.typeWorking Paperen
dc.identifier.ppn821270028en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:wuewep:34en

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