IDEAS home Printed from https://ideas.repec.org/p/tiu/tiucen/ae56a8af-df6f-4af9-b68c-e3650e81faa2.html
   My bibliography  Save this paper

Keynesian and new classical models of unemployment revisited

Author

Listed:
  • McAleer, M.

    (Tilburg University, Center For Economic Research)

  • McKenzie, C.R.

Abstract

Several Keynesian and New Classical models of unemployment for the United States are reevaluated. The models are examined for adequacy by testing the cross-equation restrictions (where appropriate) and using diagnostic and nonnested tests that explicitly recognize the problem introduced by generated regressors. The best New Classical model for the 1946-73 period is found to be adequate when it is estimated over the 1946-85 period, whereas the Keynesian model is not. Existing results of tests obtained at the single-equation level ignoring generated regressors are not always supported when the test statistics are calculated using the correct covariance matrix or maximum likelihood. Copyright 1991 by Royal Economic Society.
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • McAleer, M. & McKenzie, C.R., 1990. "Keynesian and new classical models of unemployment revisited," Discussion Paper 1990-6, Tilburg University, Center for Economic Research.
    • Handle: RePEc:tiu:tiucen:ae56a8af-df6f-4af9-b68c-e3650e81faa2
    as

    Download full text from publisher

    File URL: https://pure.uvt.nl/ws/portalfiles/portal/1151371/MMACRMK5618293.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Guth, W. & van Damme, E.E.C., 1989. "Equilibrium selection in the Spence signaling game," Other publications TiSEM b07518f4-8066-4c5b-b38d-2, Tilburg University, School of Economics and Management.
    2. D.P. Doessel & Abbas Valadkhani, 2002. "Public Finance and The Size of Government: A Literature Review and Econometric Results for Fiji," School of Economics and Finance Discussion Papers and Working Papers Series 108, School of Economics and Finance, Queensland University of Technology.
    3. van der Ploeg, F. & de Zeeuw, A.J., 1992. "A differential game of international pollution control," Other publications TiSEM 63432fbc-f558-422b-93d9-4, Tilburg University, School of Economics and Management.
    4. Florian PELGRIN & Alain GUAY & Richard LUGER, 2004. "The New Keynesian Phillips Curve: An empirical assessment," Econometric Society 2004 North American Summer Meetings 418, Econometric Society.
    5. W D A Bryant, 2009. "General Equilibrium:Theory and Evidence," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 6875, January.
    6. McAleer, Michael, 1995. "The significance of testing empirical non-nested models," Journal of Econometrics, Elsevier, vol. 67(1), pages 149-171, May.
    7. Mcleer, M. & Pesaran, M.H. & Bera, A.K., 1990. "Alternative Approaches To Testing Non-Nested Models With Autocorrelated Disturbances: An Application To Models Of U.S. Unemployment," Papers 9004, Tilburg - Center for Economic Research.
    8. Nwaobi, Godwin C, 2009. "Inflation,Unemployment and Nigerian Families: An empirical investigation," MPRA Paper 14596, University Library of Munich, Germany.
    9. Prof. Neil D. Karunaratne, 1999. "Rival Macroeconomic Models And Australian Stylised Facts," Discussion Papers Series 261, School of Economics, University of Queensland, Australia.
    10. Eduard J. Bomhoff, 1991. "Stability of Velocity in the Major Industrial Countries: A Kalman Filter Approach," IMF Staff Papers, Palgrave Macmillan, vol. 38(3), pages 626-642, September.
    11. MICHAEL McALEER, 1992. "Efficient Estimation: The Rao‐Zyskind Condition, Kruskal's Theorem and Ordinary Least Squares," The Economic Record, The Economic Society of Australia, vol. 68(1), pages 65-72, March.
    12. Keuzenkamp, Hugo A. & McAleer, Michael, 1997. "The complexity of simplicity," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 43(3), pages 553-561.
    13. Verbeek, M.J.C.M. & Nijman, T.E., 1993. "Incomplete panels and selection bias : A survey," Other publications TiSEM 08061352-957b-4f56-b303-9, Tilburg University, School of Economics and Management.
    14. McAleer, Michael & Smith, Jeremy, 1992. "Bootstrap estimates of a new classical model of unemployment," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 33(5), pages 545-550.
    15. Paul Oslington, 2012. "General Equilibrium: Theory and Evidence," The Economic Record, The Economic Society of Australia, vol. 88(282), pages 446-448, September.

    More about this item

    Keywords

    Economics; Unemployment;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:tiu:tiucen:ae56a8af-df6f-4af9-b68c-e3650e81faa2. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Richard Broekman (email available below). General contact details of provider: http://center.uvt.nl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.