Inside a Modern Macroeconometric Model: A Guide to the Murphy Model

Front Matter....Pages i-xviii
How to Use this Book....Pages 1-4
Distinguishing Features of MM....Pages 5-13
Principal Mechanisms in MM....Pages 15-78
Overview of Part Two....Pages 79-92
Wage Behaviour....Pages 93-107
Labour Force Participation....Pages 109-116
Private Consumption Behaviour....Pages 117-122
Behaviour of the Rental Price of Housing....Pages 123-133
Production of Housing Rental Services and Investment in Dwellings....Pages 135-148
The Enterprise Production Block of the Business Sector....Pages 149-174
Business Fixed Investment....Pages 175-184
Business Sector Employment....Pages 185-188
Import Supply and Demand....Pages 189-196
Aggregate Export Supply....Pages 197-198
Disaggregation of Export Supply....Pages 199-202
Overseas Demand for ‘Commodity’ Exports....Pages 203-205
Inventory Investment in ‘Commodity’ Exports....Pages 207-212
Demand for Non-‘Commodity’ Exports....Pages 213-214
Domestic Good Inventory Investment....Pages 215-218
Price Dynamics for the Domestic Good....Pages 219-222
Sales of the Domestic Good; Miscellaneous Identities for Investment and Capital....Pages 223-226
The Government Sector....Pages 227-240
Financial Markets....Pages 241-258
National-Accounting, Stock-Flow and Miscellaneous Identities....Pages 259-264
Introduction to the Simulations....Pages 303-306
Monetary Shocks....Pages 307-350
A Fiscal Shock....Pages 351-396
Back Matter....Pages 397-429