But does this fact render obsolete the ISLM scheme, which is apparently tied to money supply control? And isn’t it necessary to find a solid basis for interest rate control instead of just following ad hoc policy functions? This paper is a sensible approach based on the important pioneering work of William Poole, which shows firstly that the static ISLM framework can be further developed for the case of interest rate control and that secondly the current financial crisis and especially the policy reactions of central banks can be explained. Monetary Policy, Economic and Financial Crisis, Quantitative Easing, New Keynesian Macroeconomics, Standard Macroeconomic Model, William PooleĪBSTRACT: Some years ago (before the outbreak of the financial crisis) most of the major central banks-in general- shifted to interest rate control. The Poolean Consensus Model: The Strategic Scope of Monetary PolicyĪUTHORS: Friedrich L. Startz, “Macroeconomics,” 10th Edition, McGrawHill/Irwin, New Delhi, 2007. Thoroughly updated data: Graphs, data tables and empirical homework questions use the latest data availableīuy Macroeconomics 11th Edition for University Level Economics Exams by Rudiger Dornbusch-Stanley Fischer-Richard Startz and other most popular books at Rajasthan Largest Online Book Store This book published by McGraw Hill Education in English medium is useful for students.R.
Numerous up-to-date examples keep the text current: New boxes include "Who Calls Recessions?," "The Chinese Growth Miracle," "The Multiplier in Practice" (a discussion of estimates of empirical multipliers), "What Did Happen When the Interest Rate Hit Zero?.The story of the Great Recession: New sections include a discussion of the bubbles and bust that led up to the Great Recession, unorthodox monetary policy during the Great Recession as well as the enormous fiscal stimulus and the reasons we see "jobless recoveries".
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