LEADER 03395nam 2200577 a 450 001 9910814232403321 005 20240416152047.0 010 $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(OCoLC)1294424058 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 /$fRay C. Fair 205 $a1st ed. 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 $aMacroeconomics 615 0$aMacroeconomics. 676 $a339 700 $aFair$b Ray C$0120557 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910814232403321 996 $aEstimating how the macroeconomy works$94082191 997 $aUNINA