This paper uses the central tool of an investment-savings and monetary-policy model with an augmented Philips curve and presents a few extensions of that model to analyze the multiplier effects of macroeconomic policies in the United States. In doing so, the authors incorporate realistic assumptions in the model related to the recent financial characteristics of the global economy. The monetary policy reaction function embeds a new augmented Taylor-rule...
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INFORMATION
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2010/04/01
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Document de travail de recherche sur les politiques
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WPS5277
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1
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1
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2010/07/01
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Disclosed
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Rethinking multipliers in a globalized world
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marginal propensity to consume
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