Carlin, Wendy; Soskice, David - C.E.P.R. Discussion Papers - 2004
We develop a graphical 3-equation New Keynesian model for macroeconomic analysis to replace the traditional IS …-LM-AS model. The new graphical IS-PC-MR model is a simple version of the one commonly used in central banks and captures the … and how it relates to current debates in monetary macroeconomics, including the New Keynesian Phillips Curve and the …