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Comparisons of alternative identification schemes for the U.S. real GNP- unemployment level correlation: sensitivity analysis

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  • Masanao Aoki

Abstract

The paper employs three different types of identifying restrictions to calculate the impulse responses for the trivariate series composed of the U.S. unemployment level, real GNP and the money stock. The first two are the zero restrictions, arising from the assumption of the delayed information pattern available in forming a money reaction function. The third assumes a particular simplified structural model. The paper shows that the impulse response patterns are generally insensitive to these alternative specifications. Similar exercises are carried out for the bivariate series composed of the U.S. and the unemployment level.

Suggested Citation

  • Masanao Aoki, 1989. "Comparisons of alternative identification schemes for the U.S. real GNP- unemployment level correlation: sensitivity analysis," Discussion Paper / Institute for Empirical Macroeconomics 21, Federal Reserve Bank of Minneapolis.
  • Handle: RePEc:fip:fedmem:21
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    References listed on IDEAS

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    1. Christopher A. Sims, 1986. "Are forecasting models usable for policy analysis?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 2-16.
    2. Bernanke, Ben S., 1986. "Alternative explanations of the money-income correlation," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 25(1), pages 49-99, January.
    3. Gerlach, Stefan & Klock, John, 1988. "State-space estimates of international business cycles," Economics Letters, Elsevier, vol. 28(3), pages 231-234.
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    Keywords

    Gross national product ; Unemployment;

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