Classical macroeconomic model for the United States, a Public Deposited

Creator Series Issue number
  • 22
Date Created
  • 1975-09
Abstract
  • A statistical definition of the natural unemployment rate hypothesis is advanced and tested. A particular illustrative structural macroeconomic model satisfying the definition is set forth and estimated. The model has "classical" policy implications, implying a number of neutrality propositions asserting the invariance of the conditional means of real variables with respect to the feedback rule for the money supply. The aim is to test how emphatically the data reject a model incorporating rather severe "classical" hypotheses.

Subject (JEL) Keyword Contributor Date Modified
  • 03/16/2018
Publisher
  • Federal Reserve Bank of Minneapolis. Research Division.
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