An updated assessment of the Lucas supply curve and the inflation-output trade-off
Previous work assessing the results of Lucas [Lucas, R., 1972, Expectations and the neutrality of money, Journal of Economic Theory 4, 103-124.] and the inflation-output trade-off is updated by incorporating recent data, avoiding spurious regressions and bootstrapping results. The relationship hypothesized by Lucas is reinforced, but mean inflation results are inconclusive.
References listed on IDEAS
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- Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
- DeFina, Robert H, 1991. "International Evidence on a New Keynesian Theory of the Output-Inflation Trade-Off," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(3), pages 410-422, August.
- Gianluigi Giorgioni, 2001. "New evidence on the output-inflation trade-off from developing economies: the case of the CFA Franc zone," Applied Economics, Taylor & Francis Journals, vol. 33(8), pages 1077-1082.
- Granger, C. W. J. & Newbold, P., 1974. "Spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 2(2), pages 111-120, July.