论文信息 - Unanticipated Money Growth and Unemployment in the United States

Unanticipated Money Growth and Unemployment in the United States

David Small raises a number of questions concerning my 1977 study of money growth and unemployment in the United States. My reexamination of the evidence indicates that his major criticisms are unfounded specifically, the estimated effects of monetary shocks on the unemployment rate are robust to his suggested changes in specification. On the other hand, there are some difficulties with the estimated unemployment effects of some "real" variables that is, with the determinants of the "natural" unemployment rate.

R. Barro

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