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Global and National Macroeconometric ModellingA Long-Run Structural Approach$
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Anthony Garratt, Kevin Lee, M. Hashem Pesaran, and Yongcheol Shin

Print publication date: 2006

Print ISBN-13: 9780199296859

Published to Oxford Scholarship Online: September 2006

DOI: 10.1093/0199296855.001.0001

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An economic theory of the short run

An economic theory of the short run

Chapter:
(p.87) 5 An economic theory of the short run
Source:
Global and National Macroeconometric Modelling
Author(s):

Anthony Garratt (Contributor Webpage)

Kevin Lee (Contributor Webpage)

M. Hashem Pesaran (Contributor Webpage)

Yongcheol Shin (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0199296855.003.0005

This chapter explores a set of identifying restrictions on the short-run dynamics that might be used to supplement the long-run restrictions if the model is to be used to investigate the effect of economically-meaningful shocks. Particular attention is paid to modelling monetary policy decisions, inflation targeting, the derivation of a base rate reaction function, and the identification of monetary policy shocks.

Keywords:   short-run dynamics, structural shocks, monetary policy, inflation targeting

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