1 option
The Lucas Critique and the Volcker Deflation / Olivier J. Blanchard.
- Format:
- Book
- Author/Creator:
- Blanchard, Olivier J.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w1326.
- NBER working paper series no. w1326
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1984.
- Summary:
- This paper examines, in light of the Lucas Critique, the behavior of the Phillips curve and of the term structure of interest rates after October 1979. It starts with an informal account of the policy change and then discusses how we might expect these two relations to shift after such a change. It finds little evidence of a direct effect of the policy change on the Phillips curve, at least until 1982. It finds substantial evidence of a direct effect on term structure.
- Notes:
- Print version record
- April 1984.
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.