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A Traditional Interpretation of Macroeconomic Fluctuations

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  • Blanchard, Olivier Jean

Abstract

Under the traditional interpretation of macroeconomic fluctuations, aggregate demand shocks move output and prices in the same direction, while aggregate supply shocks move output and prices in opposite directions. This paper examines the joint behavior of U.S. output, unemployment, prices, wages, and nominal money and asks whether it is consistent with this interpretation. The answer is a qualified yes. Copyright 1989 by American Economic Association.

Suggested Citation

  • Blanchard, Olivier Jean, 1989. "A Traditional Interpretation of Macroeconomic Fluctuations," American Economic Review, American Economic Association, vol. 79(5), pages 1146-1164, December.
    • Handle: RePEc:aea:aecrev:v:79:y:1989:i:5:p:1146-64
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