Postwar developments in business cycle theory: a moderately classical perspective
AbstractFor issues regarding business cycles, the Phillips curve or aggregate supply portion of a macroeconomic model's specification is crucial. Unfortunately, the relevant dynamic behavior is poorly understood: flexible-price models appear inconsistent with the data, while existing sticky-price models are unlikely to be policy invariant. Nevertheless, current knowledge is adequate to design a rule for monetary policy that would, if maintained, result in near-zero inflation and output fluctuations that are small by historical standards. An operational rule of this type is described and some indication of its effectiveness is reported. Copyright 1988 by Ohio State University Press.
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Bibliographic InfoArticle provided by Federal Reserve Bank of Cleveland in its journal Proceedings.
Volume (Year): (1988)
Issue (Month): ()
Other versions of this item:
- McCallum, Bennett T, 1988. "Postwar Developments in Business Cycle Theory: A Moderately Classical Perspective," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 20(3), pages 459-71, August.
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- Goodhart, Charles, 1989. "The Conduct of Monetary Policy," Economic Journal, Royal Economic Society, vol. 99(396), pages 293-346, June.
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