IS-LMモデルでGreat Moderationを説明することは可能か
●David Beckworth, “The 'Great Moderation' in an IS/LM Model with Full Employment”（Macro and Other Market Musings, August 19, 2008）
上記エントリーで取り上げられているWilliam White氏の論文は以下。
まだ自分も全てには目を通してないんだけれども。
●William R White, “Globalisation and the determinants of domestic inflation（pdf）”（BIS Working Papers No 250, March 2008）
Abstract
The remarkable stability of low domestic inflation in many countries requires explanation. In this paper, a number of competing hypotheses are evaluated on a stand-alone basis, and all are found to be inadequate. This includes the view that this outcome has been solely the result of more effective disinflationary monetary policies. However, a combination of these hypotheses (including a significant role for increased global competition) seems to provide a plausible explanation, not only for continuing low inflation, but also its coexistence with rapid growth and low real interest rates. Unfortunately, the analysis also leads to the conclusion that rising inflation, unwinding financial imbalances, or both, could easily follow the welcome stability seen to date.
“Great Moderation”については以下も参照してみたらいかがでしょうか（他にもっと妥当な文献（もう少し最近の文献で）があるのかもしれないけれども、私が目を通したことある範囲内での推奨ということで）。
●Ben S. Bernanke, “The Great Moderation”（Speech at the meetings of the Eastern Economic Association, Washington, DC, February 20, 2004）
●John B. Taylor, “Monetary Policy and Long Boom（pdf）”（Federal Reserve Bank of St. Louis Review, November/December 1998）
それにしても久し振りに[IS-LM]のカテゴリー使ったなｗ
