Nominal Demand Policy and Short-Run Fluctuations in Unemployment and Prices in the United States
Bibliographic Data
| ID | 10175079 |
|---|---|
| Authors | Jacob Grossman (corresponding author) |
| Year | 1979 |
| Volume | 87 |
| Issue | 5, Part 1 |
| Pages | 1063-1085 |
| Publication date | 1979-10-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0022-3808 • E-ISSN: 1537-534X |
| Publisher | University of Chicago Press (PUBLISHER • US) |
| DOI | 10.1086/260812 |
| OpenAlex | W2035578172 |
| Language | EN |
| Citations received | 1 |
| References cited | 3 |
The hypothesis that only the unanticipated part of the policy instruments and their lagged values affect unemployment, while the anticipated part affects the inflation rate, is tested for the U.S. postwar period. Nominal GNP is used as a proxy for the policy instruments. The hypothesis receives strong support from some empirical tests. The results explain the breakdown of nominal income changes into prices and output and bring out the "trickery" aspect of nominal demand management
Econometrics · Economics · Inflation (cosmology · Macroeconomics · Monetary economics · Monetary policy · Nominal interest rate · Proxy (statistics · Real interest rate · Unemployment · Unemployment rate · Economic theories and models · Economic Theory and Policy · Monetary Policy and Economic Impact
| Citations per year | 0.03 |
|---|---|
| Citation span | 1987 - 1987 (1) |
| Highly cited | No |