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Unit roots in macroeconomic time series: a post Keynesian interpretation

  • Gilberto A. Libanio

    ()

The theme of unit roots in macroeconomic time series has received a great amount of theoretical and applied research in the last two decades. This paper focuses on the implications of the existence of unit roots for macroeconomic theorizing. It is argued that the presence of unit roots in GNP time series provide support to the general perspective adopted by Keynes and post Keynesians on output and employment fluctuations, on the non-neutrality of money in the long run, and on some economic policy issues.

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Paper provided by Cedeplar, Universidade Federal de Minas Gerais in its series Textos para Discussão Cedeplar-UFMG with number td233.

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Length: 18 pages
Date of creation: Jun 2004
Date of revision:
Handle: RePEc:cdp:texdis:td233
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  2. Solow, Robert M, 1986. "Unemployment: Getting the Questions Right," Economica, London School of Economics and Political Science, vol. 53(210(S)), pages S23-34, Supplemen.
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  9. Paul Davidson, 1993. "The Elephant and the Butterfly: Or Hysteresis and Post Keynesian Economics," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 15(3), pages 309-322, April.
  10. John Elder & Peter E. Kennedy, 2001. "Testing for Unit Roots: What Should Students Be Taught?," The Journal of Economic Education, Taylor & Francis Journals, vol. 32(2), pages 137-146, January.
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  14. Lawrence J. Christiano & Martin Eichenbaum, 1989. "Unit roots in real GNP: do we know, and do we care?," Discussion Paper / Institute for Empirical Macroeconomics 18, Federal Reserve Bank of Minneapolis.
  15. Kregel, J A, 1976. "Economic Methodology in the Face of Uncertainty: The Modelling Methods of Keynes and the Post-Keynesians," Economic Journal, Royal Economic Society, vol. 86(342), pages 209-25, June.
  16. Cribari-Neto, Francisco, 1996. "On time series econometrics," The Quarterly Review of Economics and Finance, Elsevier, vol. 36(Supplemen), pages 37-60.
  17. Fischer, Stanley, 1977. "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 85(1), pages 191-205, February.
  18. Neto, Francisco Cribari, 1992. "Persistência de inovações e política econômica: a experiência do II PND," Revista Brasileira de Economia, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 46(3), July.
  19. Lucas, Robert E, Jr, 1973. "Some International Evidence on Output-Inflation Tradeoffs," American Economic Review, American Economic Association, vol. 63(3), pages 326-34, June.
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  22. Brian Snowdon & Howard R. Vane & Peter Wynarczyk, 1994. "A Modern Guide To Macroeconomics," Books, Edward Elgar, number 450, 6.
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