Real-financial interactions in macro-finance models

Abstract

Even before the August 2007 credit crunch the interaction between real and financial variables had become a central issue in macroeconomics, particularly to Central Bankers. Different theoretical models tend to be used to analyse macro and finance issues and this raises the role of multiple models: Central Banks tend to use many models of the economy. This paper surveys some of the recent literature on macro-finance to examine two interacting questions: the use of multiple models by Central Banks and the theory on the relationships between macroeconomic and financial variables.

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