Cross-Regime Evidence of Macroeconomic Rationality
Bibliographic Data
| ID | 10180937 |
|---|---|
| Authors | Roger C Kormendi, Philip Meguire, Philip G Meguire |
| Year | 1984 |
| Volume | 92 |
| Issue | 5 |
| Pages | 875-908 |
| Publication date | 1984-10-01 |
| Peer Reviewed | Yes |
| 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 | 10.1086/261263 |
| OpenAlex | W2021991108 |
| Language | EN |
| Citations received | 11 |
| References cited | 6 |
Rational expectations macromodels predict that the short-run effects of monetary shocks on real output (X) should be negatively related across policy regimes to the variability of such shocks. This paper presents cross-regime tests of this and related propositions based on a sample of 47 countries. The within-regime estimates reveal a consistent pattern of positive short-run real output effects, with neutrality of money holding in the long run. The cross-regime tests show that X is negatively related to the variance of monetary shocks, positively related to the variance of real output shocks, negatively related to the variance of velocity shocks, and unrelated to either the mean or variance of anticipated money growth
Econometrics · Economics · Monetary economics · Monetary policy · Neutrality · Rational expectations · Rationality · Sample (material · Short run · Variance (accounting · Variance decomposition of forecast errors · Economic Growth and Productivity · Global Financial Crisis and Policies · Monetary Policy and Economic Impact
Macroeconomic determinants of growth
Variations in the Response of Real Output to Aggregate Demand Shocks
Testing Short-Run Neutrality
An Application of Operational-Subjective Statistical Methods to Rational Expectations
Money, Output, and Prices
A Bayesian View of Nominal Money and Real Output Through a New Classical Macroeconomic Window
The Time-Varying-Parameter Model for Modeling Changing Conditional Variance
Political and Social Dimensions of Economic Growth
Nobel Lecture
Capital mobility and the output–inflation tradeoff
National Macroeconomic Policy Preferences and International Coordination Issues
Econometric Issues in the Analysis of Regressions with Generated Regressors
Expectations and the neutrality of money
Investigating Causal Relations by Econometric Models and Cross-spectral Methods
Prior Information and the Observational Equivalence Problem
A Classical Macroeconometric Model for the United States
On the Observational Inequivalence of Classical and Keynesian Models
| Unique citing works | 11 |
|---|---|
| Citations per year | 0,27 |
| Citation span | 1985 - 2001 (17) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 11 |