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Cross-Regime Tests of the Lucas Supply Function in Developing Countries

Author

Listed:
  • Peter J. Montiel

    (International Monetary Fund)

  • Iqbal Zaidi

    (International Monetary Fund)

Abstract

The aggregate supply function developed by Lucas (1973) predicts that the short-run effects of monetary disturbances on real output are negatively related to the variability of such disturbances. This paper assesses the empirical relevance of the Lucas supply function for a large sample of developing countries by using distribution-free statistical methods. The negative relationship seems to be a robust feature of developing country data and holds true for almost all of the analytical subgroups examined.

Suggested Citation

  • Peter J. Montiel & Iqbal Zaidi, 1987. "Cross-Regime Tests of the Lucas Supply Function in Developing Countries," IMF Staff Papers, Palgrave Macmillan, vol. 34(4), pages 760-769, December.
    • Handle: RePEc:pal:imfstp:v:34:y:1987:i:4:p:760-769
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    Cited by:

    1. Glick, Reuven & Kretzmer, Peter & Wihlborg, Clas, 1995. "Real exchange rate effects of monetary disturbances under different degrees of exchange rate flexibility: An empirical analysis," Journal of International Economics, Elsevier, vol. 38(3-4), pages 249-273, May.
    2. Fendel, Ralf & Rülke, Jan-Christoph, 2012. "Some international evidence on the Lucas Supply Function," Economics Letters, Elsevier, vol. 114(2), pages 157-160.
    3. Jakob Brochner Madsen, 1997. "Tests of the Lucas supply curve with price expectational data," Applied Economics Letters, Taylor & Francis Journals, vol. 4(3), pages 195-197.

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