Intracountry Evidence on the Lucas Variance Hypothesis
Intracountry time-series evidence for a sample of thirty-nine countries fails to provide strong support for the basic implications of the Lucas aggregate supply model, namely, there exists a negative relationship between the output-inflation trade-off and the variability of both nominal aggregate demand. The findings differ from those of most of the previous cross-sectional studies, which found support for the Lucas variance hypothesis, but are consistent with R. T. Froyen and R. N. Waud's. Copyright 1990 by Oxford University Press.
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Volume (Year): 28 (1990)
Issue (Month): 4 (October)
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