Bofinger, Peter (contributor); Mayer, Eric (contributor); … - 2003 - rev.
]). Walsh [2002] has criticised that it is not suited for an analysis of inflation targeting. We present the BMW model as an … alternative framework, which develops the Romer approach into a simple macroeconomic model. It can deal with issues like inflation … targeting, monetary policy rules, and central bank credibility. Our open-economy version is a powerful alternative to the IS …