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Macroeconomic rationality and Lucas' misperceptions model: further evidence from 41 countries

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  • Apergis, Nicholas
  • Miller, Stephen

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Article provided by Elsevier in its journal Journal of Economics and Business.

Volume (Year): 56 (2004)
Issue (Month): 3 ()
Pages: 227-241

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Handle: RePEc:eee:jebusi:v:56:y:2004:i:3:p:227-241

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Web page: http://www.elsevier.com/locate/jeconbus

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References

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  1. Barro, Robert J., 1989. "Interest-rate targeting," Journal of Monetary Economics, Elsevier, Elsevier, vol. 23(1), pages 3-30, January.
  2. Wong, Ka-fu, 2000. "Variability in the Effects of Monetary Policy on Economic Activity," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 32(2), pages 179-98, May.
  3. Robert J. Barro & Robert G. King, 1982. "Time-Separable Preference and Intertemporal-Substitution Models of Business Cycles," NBER Working Papers 0888, National Bureau of Economic Research, Inc.
  4. Im, Kyung So & Pesaran, M. Hashem & Shin, Yongcheol, 2003. "Testing for unit roots in heterogeneous panels," Journal of Econometrics, Elsevier, vol. 115(1), pages 53-74, July.
  5. Whitney K. Newey & Kenneth D. West, 1986. "A Simple, Positive Semi-Definite, Heteroskedasticity and AutocorrelationConsistent Covariance Matrix," NBER Technical Working Papers 0055, National Bureau of Economic Research, Inc.
  6. Perron, Pierre, 1988. "Trends and random walks in macroeconomic time series : Further evidence from a new approach," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 297-332.
  7. Barro, Robert J, 1978. "Unanticipated Money, Output, and the Price Level in the United States," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 86(4), pages 549-80, August.
  8. Hercowitz, Zvi, 1983. "Anticipated Inflation, the Frequency of Transactions, and the Slope of the Phillips Curve," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 15(2), pages 139-54, May.
  9. Hoffman, Dennis L. & Low, Stuart A. & Schlagenhauf, Don E., 1984. "Tests of rationality, neutrality and market efficiency : A Monte Carlo analysis of alternative test statistics," Journal of Monetary Economics, Elsevier, Elsevier, vol. 14(3), pages 339-363, November.
  10. Jung, W. S., 1985. "Output-inflation tradeoffs in industrial and developing countries," Journal of Macroeconomics, Elsevier, Elsevier, vol. 7(1), pages 101-113.
  11. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
  12. Froyen, Richard T & Waud, Roger N, 1980. "Further International Evidence of Output-Inflation Tradeoffs," American Economic Review, American Economic Association, vol. 70(3), pages 409-21, June.
  13. Lucas, Robert E, Jr, 1996. "Nobel Lecture: Monetary Neutrality," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 104(4), pages 661-82, August.
  14. Perron, Pierre, 1990. "Testing for a Unit Root in a Time Series with a Changing Mean," Journal of Business & Economic Statistics, American Statistical Association, American Statistical Association, vol. 8(2), pages 153-62, April.
  15. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, Econometric Society, vol. 49(4), pages 1057-72, June.
  16. Kaul, Gautam, 1990. "Monetary Regimes and the Relation between Stock Returns and Inflationary Expectations," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 25(03), pages 307-321, September.
  17. Robert J. Barro, 1976. "Unanticipated Money Growth and Unemployment in the United States," Working Papers, Queen's University, Department of Economics 234, Queen's University, Department of Economics.
  18. Attfield, Clifford L F & Duck, Nigel W, 1983. "The Influence of Unanticipated Money Growth on Real Output: Some Cross-Country Estimates," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 15(4), pages 442-54, November.
  19. Lucas, Robert E, Jr, 1975. "An Equilibrium Model of the Business Cycle," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 83(6), pages 1113-44, December.
  20. Barro, Robert J., 1976. "Rational expectations and the role of monetary policy," Journal of Monetary Economics, Elsevier, Elsevier, vol. 2(1), pages 1-32, January.
  21. Poirier, Dale J, 1991. "A Bayesian View of Nominal Money and Real Output through a New Classical Macroeconomic Window," Journal of Business & Economic Statistics, American Statistical Association, American Statistical Association, vol. 9(2), pages 125-48, April.
  22. Froyen, Richard T & Waud, Roger N, 1984. "The Changing Relationship between Aggregate Price and Output: The British Experience," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 51(201), pages 53-67, February.
  23. Robert J. Barro, 1979. "A Capital Market In an Equilibrium Business Cycle Model," NBER Working Papers 0326, National Bureau of Economic Research, Inc.
  24. Satyajit Chatterjee, 1999. "Real business cycles: a legacy of countercyclical policies?," Business Review, Federal Reserve Bank of Philadelphia, issue Jan, pages 17-27.
  25. Hakes, David R & Gamber, Edward N, 1992. "Does the Federal Reserve Respond to Errant Money Growth? Evidence from Three Monetary Regimes," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 24(1), pages 127-34, February.
  26. Lucas, Robert E, Jr, 1973. "Some International Evidence on Output-Inflation Tradeoffs," American Economic Review, American Economic Association, vol. 63(3), pages 326-34, June.
  27. Michael Dotsey & Max Reid, 1992. "Oil shocks, monetary policy, and economic activity," Economic Review, Federal Reserve Bank of Richmond, issue Jul, pages 14-27.
  28. Kormendi, Roger C & Meguire, Philip G, 1984. "Cross-Regime Evidence of Macroeconomic Rationality," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 92(5), pages 875-908, October.
  29. Karras, Georgios, 1996. "Why are the effects of money-supply shocks asymmetric? Convex aggregate supply or "pushing on a string"?," Journal of Macroeconomics, Elsevier, Elsevier, vol. 18(4), pages 605-619.
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Cited by:
  1. Pierre-Richard Agénor & Nihal Bayraktar, 2008. "Contracting Models of the Phillips Curve Empirical Estimates for Middle-Income Countries," Centre for Growth and Business Cycle Research Discussion Paper Series 94, Economics, The Univeristy of Manchester.
  2. Laban K. Chesang & Ruthira Naraidoo, 2014. "Parameter Uncertainty and Inflation Dynamics in a Model with Asymmetric Central Bank Preferences," Working Papers 201437, University of Pretoria, Department of Economics.
  3. Victor, Olivo, 2005. "El Intercambio entre Inflacion y Producto: Evidencia Empirica para Venezuela
    [The Trade-off between Inflation and Output: Empirical Evidence for Venezuela]
    ," MPRA Paper 41242, University Library of Munich, Germany.

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