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On the Interpretation of Near Random-Walk Behavior in GNP / Kenneth D. West.
- Format:
- Book
- Author/Creator:
- West, Kenneth D.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w2364.
- NBER working paper series no. w2364
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1987.
- Summary:
- It is shown that GNP will have an autoregressive root very close to unity in a variant of Taylor's (1980a,b) overlapping wage contracts model, for stylized versions of simple money supply rules and plausible values for the model's parameters. In this variant, monetary policy is the only reason for serial correlation in GNP. It is premature, therefore, to conclude, as some authors, have, that the presence of such a root in U.S. GNP is inconsistent with either a stationary natural rate or with nominal shocks playing a major role in the business cycle.
- Notes:
- Print version record
- August 1987.
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