A Bayesian View of Nominal Money and Real Output through a New Classical Macroeconomic Window
This study investigates the empirical evidence on the effects of unanticipated changes in nominal money on real output in 47 countries when viewed through a window (i.e., likelihood function) that assumes the neutrality of anticipated changes. Using a Bayesian predictivist approach, it provides a pedagogical Bayesian analysis of generated regressor models in the face of specification uncertainty involving, among other things, multiple unit root and trend stationary alternatives.
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Volume (Year): 9 (1991)
Issue (Month): 2 (April)
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