UNANTICIPATED MONEY GROWTH AND OUTPUT FLUCTUATIONS
作者:
STEVEN M. SHEFFRIN,
期刊:
Economic Inquiry
(WILEY Available online 1979)
卷期:
Volume 17,
issue 1
页码: 1-13
ISSN:0095-2583
年代: 1979
DOI:10.1111/j.1465-7295.1979.tb00292.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
A rational expectations model is developed in which prices are fixed during a period. The implications of this model are that output fluctuations are correlated with unanticipated aggregate demand but not with unanticipated inflation. Empirical tests of the model indicate that the persistence of business cycles cannot be explained solely by unanticipated aggregate demand.
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