Intracountry time-series evidence for a sample of thirty-nine countries fails to provide strong support for the basic implications of the Lucas aggregate supply model, namely, there exists a negative relationship between the output-inflation trade-off and the variability of both nominal aggregate demand. The findings differ from those of most of the previous cross-sectional studies, which found support for the Lucas variance hypothesis, but are consistent with R. T. Froyen and R. N. Waud's. Copyright 1990 by Oxford University Press.
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Article provided by Oxford University Press in its journal Economic Inquiry.
Volume (Year): 28 (1990) Issue (Month): 4 (October) Pages: 756-73 Download reference. The following formats are available: HTML
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Handle: RePEc:oup:ecinqu:v:28:y:1990:i:4:p:756-73
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