?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.title=The+3-equation+new+keynesian+model+-+a+graphical+exposition&rft.creator=Carlin%2C+W.&rft.creator=Soskice%2C+D.&rft.description=We+develop+a+graphical+3-equation+New+Keynesian+model+for+macroeconomic%0D%0Aanalysis+to+replace+the+traditional+IS-LM-AS+model.+The+new+graphical%0D%0AIS-PC-MR+model+is+a+simple+version+of+the+one+commonly+used+by+central%0D%0Abanks+and+captures+the+forward-looking+thinking+engaged+in+by+the+policy%0D%0Amaker.+Within+a+common+framework%2C+we+compare+our+model+to+other%0D%0Amonetary-rule+based+models+that+are+used+for+teaching+and+policy+analysis.%0D%0AWe+show+that+the+differences+between+the+models+centre+on+whether+the+central%0D%0Abank+optimizes+and+on+the+lag+structure+in+the+IS+and+Phillips+curve+equations.%0D%0AWe+highlight+the+analytical+and+pedagogical+advantages+of+our+preferred%0D%0Amodel.+The+model+can+be+used+to+analyze+the+consequences+of+a+wide+range%0D%0Aof+macroeconomic+shocks%2C+to+identify+the+structural+determinants+of+the+coefficients%0D%0Aof+a+Taylor+type+interest+rate+rule%2C+and+to+explain+the+origin+and+size+of%0D%0Athe+inflation+bias.&rft.publisher=Department+of+Economics%2C+University+College+London&rft.date=2005-11&rft.type=Working+%2F+discussion+paper&rft.language=eng&rft.source=++++(Discussion+Papers+in+Economics++05-03).+Department+of+Economics%2C+University+College+London%3A+London%2C+UK.+(2005)+++++&rft.format=application%2Fpdf&rft.identifier=https%3A%2F%2Fdiscovery.ucl.ac.uk%2Fid%2Feprint%2F2558%2F1%2F2558.pdf&rft.identifier=https%3A%2F%2Fdiscovery.ucl.ac.uk%2Fid%2Feprint%2F2558%2F&rft.rights=open