2009 Cilt 28 Sayı 1

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IS-LM modeline alternatif olarak BMW modeli: Enflasyon hedeflemesi altında şoklara yönelik politika tepkilerinin analizi
(Uludağ Üniversitesi, 2009) Özdemir, Metin; Uludağ Üniversitesi/İktisat İdare Bilimler Fakültesi/İktisat Bölümü.
The IS-LM model remains the workhorse model of teaching in most macroeconomics textbooks. Despite its pervasive use, the IS-LM model has been seriously criticized and is far removed from the practice of inflation-targeting central banks. However, modern macroeconomics is based on the New Neoclassical Synthesis-DSGE (Dynamic Stochastic General Equilibrium) models which are considered itself as a core model in macroeconomics. For that reason, in the past twenty years, the gap between macroeconomics research and textbooks has grown wider. One of the attempts to bridge this gap is the BMW model which deals explicitly with the implications of the New Neoclassical-DSGE models and offers important advantages with a graphical analysis toolkit over the well known IS-LM model. The aim of this paper is to analyze the policy reactions of inflation targeting central banks to the shocks by presenting the BMW model which is treated as an alternative to the IS-LM model.