Testing the Implications of Long-Run Neutrality for Monetary Business Cycle Models
AbstractThis paper compares sample fluctuations of the US business cycle with those predicted by a class of equilibrium monetary business cycle models. The predictions of the models are generated using the long-run neutrality restrictions implicit in the models. By imposing these restrictions on sample data, tests of the ability of the models to replicate the dynamics of the US business cycle are constructed. Although the predictions of the models for real side variables are rejected, there is evidence that the nominal side predictions of the models are not rejected. Copyright 1994 by John Wiley & Sons, Ltd.
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Bibliographic InfoArticle provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics.
Volume (Year): 9 (1994)
Issue (Month): S (Suppl. December)
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Web page: http://www.interscience.wiley.com/jpages/0883-7252/
Other versions of this item:
- Nason, J.M. & Cogley, T., 1994. "Testing the Implications of Long Run Neutrality for Monetary Business Cycle Models," UBC Departmental Archives 94-26, UBC Department of Economics.
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