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New Keynesian Versus New Classical Theories of Aggregate Supply: Evidence from the Oecd Countries

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  • Jakob B. Madsen

Abstract

Using annual and quarterly data for the OECD countries this paper tests four theories of aggregate supply, namely the sticky wage, the sticky price, the worker misperception and the producer misinformation models. The empirical estimates suggest that the short run aggregate supply curve is positively sloped as a result of price and wage stickiness. Furthermore, the slope of the aggregate supply curve is found to be a positive function of the rate of inflation which is consistent with the sticky price model.

Suggested Citation

  • Jakob B. Madsen, 1998. "New Keynesian Versus New Classical Theories of Aggregate Supply: Evidence from the Oecd Countries," Scottish Journal of Political Economy, Scottish Economic Society, vol. 45(3), pages 273-293, August.
    • Handle: RePEc:bla:scotjp:v:45:y:1998:i:3:p:273-293
    DOI: 10.1111/1467-9485.00096
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    Cited by:

    1. Anne-Gisèle Privat, 2005. "L'avenir des retraites en France: Evalutation de l'impact des réformes de 1993 et de 2033 à l'aide du modèle de microsimulation Artémis," Sciences Po publications info:hdl:2441/f4rshpf3v1u, Sciences Po.
    2. repec:hal:spmain:info:hdl:2441/f4rshpf3v1umfa09lat214kj4 is not listed on IDEAS
    3. Víctor M. Montuenga‐Gómez & José M. Ramos‐Parreño, 2005. "Reconciling the Wage Curve and the Phillips Curve," Journal of Economic Surveys, Wiley Blackwell, vol. 19(5), pages 735-765, December.
    4. repec:spo:wpecon:info:hdl:2441/f4rshpf3v1umfa09lat214kj4 is not listed on IDEAS
    5. repec:hal:wpspec:info:hdl:2441/f4rshpf3v1umfa09lat214kj4 is not listed on IDEAS

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