Previous empirical work that assessed the theoretical results of Lucas (1972) is updated by incorporating recent data, utilizing advancements in time series methods and bootstrapping results. Specifically, the two-stage method of Ball et al. (1988) and others is used, but the functional form used in the first stage is such that the data are stationary. In comparison to using the traditional first stage functional form, coefficient estimates are smaller in absolute value, but still significant.
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Paper provided by Department of Economics, University of Victoria in its series Econometrics Working Papers with number
0704.
Length: 6 pages Date of creation: 14 Jun 2007 Date of revision: Handle: RePEc:vic:vicewp:0704
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