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International Economics: Theory, Application, and Policy, Ch. 28;  Charles van Marrewijk, 2012 1 Figure 28.1 Overview of the economic policy framework.

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Presentation on theme: "International Economics: Theory, Application, and Policy, Ch. 28;  Charles van Marrewijk, 2012 1 Figure 28.1 Overview of the economic policy framework."— Presentation transcript:

1 International Economics: Theory, Application, and Policy, Ch. 28;  Charles van Marrewijk, 2012 1 Figure 28.1 Overview of the economic policy framework

2 International Economics: Theory, Application, and Policy, Ch. 28;  Charles van Marrewijk, 2012 2 Figure 28.2 Robert Barro, 1944 -

3 International Economics: Theory, Application, and Policy, Ch. 28;  Charles van Marrewijk, 2012 3 Figure 28.3 Different policy preferences; U* = 3,  * = 0

4 International Economics: Theory, Application, and Policy, Ch. 28;  Charles van Marrewijk, 2012 4 Figure 28.4 Monetary base and interest rate targeting

5 International Economics: Theory, Application, and Policy, Ch. 28;  Charles van Marrewijk, 2012 5 Figure 28.5 Short-run stability of the Phillips curve, USA 1960s

6 International Economics: Theory, Application, and Policy, Ch. 28;  Charles van Marrewijk, 2012 6 Figure 28.6 Long-run instability of the Phillips curve, USA

7 International Economics: Theory, Application, and Policy, Ch. 28;  Charles van Marrewijk, 2012 7 Figure 28.7 The expectations-augmented Phillips curve

8 International Economics: Theory, Application, and Policy, Ch. 28;  Charles van Marrewijk, 2012 8 Figure 28.8 The Phillips curve; USA, UK, Italy, and Japan, 1990-2009

9 International Economics: Theory, Application, and Policy, Ch. 28;  Charles van Marrewijk, 2012 9 Figure 28.8 The Phillips curve; USA, UK, Italy, and Japan, 1990-2009

10 International Economics: Theory, Application, and Policy, Ch. 28;  Charles van Marrewijk, 2012 10 Figure 28.9 Optimal surprise inflation policy

11 International Economics: Theory, Application, and Policy, Ch. 28;  Charles van Marrewijk, 2012 11 Figure 28.10 Rational expectations inflation

12 International Economics: Theory, Application, and Policy, Ch. 28;  Charles van Marrewijk, 2012 12 Figure 28.11 Rules versus rational expectations

13 International Economics: Theory, Application, and Policy, Ch. 28;  Charles van Marrewijk, 2012 13 Figure 28.12 Australia: changes in OECD estimated output gaps, 1999-2008


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