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| Tekijä: | Christensen, M. Paldam, M. |
| Otsikko: | Some further international evidence on output-inflation tradeoffs: the Lucas variability hypothesis reexamined |
| Lehti: | Weltwirtschaftliches Archiv
1990 : VOL. 126:2, p. 222-238 |
| Asiasana: | INFLATION ECONOMIC GROWTH EQUILIBRIUM ANALYSIS |
| Kieli: | eng |
| Tiivistelmä: | The paper tests on a 24 country sample and two periods (1953-67, the low vairan period and 1968-85, the high variance period) Lucas's business cycle model from 1973, the socalled misperceptions model, which says that an exogenous nominal shift affecting the economy is divided into a real cyclical component and an inflation component. A restricted parameter version is compared to a free parameter version. In final analysis the Lucas model is not corroborated by the data. |
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