LEADER 03398nam 2200565 a 450 001 9910454888203321 005 20200520144314.0 010 $a0-674-03663-8 024 7 $a10.4159/9780674036635 035 $a(CKB)1000000000805538 035 $a(OCoLC)456265663 035 $a(CaPaEBR)ebrary10328799 035 $a(SSID)ssj0000149676 035 $a(PQKBManifestationID)11170185 035 $a(PQKBTitleCode)TC0000149676 035 $a(PQKBWorkID)10238782 035 $a(PQKB)10877955 035 $a(MiAaPQ)EBC3300623 035 $a(Au-PeEL)EBL3300623 035 $a(CaPaEBR)ebr10328799 035 $a(OCoLC)923112448 035 $a(DE-B1597)589936 035 $a(DE-B1597)9780674036635 035 $a(EXLCZ)991000000000805538 100 $a20040407d2004 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aEstimating how the macroeconomy works$b[electronic resource] /$fRay C. Fair 210 $aCambridge, MA $cHarvard University Press$d2004 215 $a1 online resource (314 p.) 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a0-674-01546-0 320 $aIncludes bibliographical references (p. 285-292) and index. 327 $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 330 $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. 606 $aMacroeconomics 608 $aElectronic books. 615 0$aMacroeconomics. 676 $a339 700 $aFair$b Ray C$0120557 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910454888203321 996 $aEstimating how the macroeconomy works$92136684 997 $aUNINA LEADER 01160nam 2200301Ia 450 001 996384156003316 005 20221108065926.0 035 $a(CKB)4940000000072990 035 $a(EEBO)2248501980 035 $a(OCoLC)11228601 035 $a(EXLCZ)994940000000072990 100 $a19841004d1669 uy | 101 0 $aeng 135 $aurbn||||a|bb| 200 10$aConstitutions and canons ecclesiastical$b[electronic resource] $etreated upon by the archbishops and bishops and the rest of the clergy of Ierland [sic] and agreed upon with the Kings Majesties license in their synod begun at Dublin Anno Dom. 1634 and in the year of the reign of our sovereign Lord Charles ... King of Great Brittain, ... the tenth 210 $aDublin $cPrinted by Benjamin Tooke ... and are to be sold by Samuel Dancer ...$d1669 215 $a[6] p 300 $aReproduction of the original in the Eton College Library. 330 $aeebo-0050 801 0$bEAK 801 1$bEAK 801 2$bOCL 801 2$bUMI 801 2$bWaOLN 906 $aBOOK 912 $a996384156003316 996 $aConstitutions and canons ecclesiastical$92300375 997 $aUNISA