Chapter

An economic theory of the short run

Anthony Garratt, Kevin Lee, M. Hashem Pesaran and Yongcheol Shin

in Global and National Macroeconometric Modelling

Published in print August 2006 | ISBN: 9780199296859
Published online September 2006 | e-ISBN: 9780191603853 | DOI: http://dx.doi.org/10.1093/0199296855.003.0005
 An economic theory of the short run

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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

Chapter.  7602 words. 

Subjects: Econometrics and Mathematical Economics

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