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Tests of the Lucas supply curve with price expectational data

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  • Jakob Brochner Madsen

Abstract

The Lucas supply curve is tested using EEC price expectational data. The tests failed to find any evidence of a positively sloped aggregate supply curve due to worker and producer misperception.

Suggested Citation

  • 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.
    • Handle: RePEc:taf:apeclt:v:4:y:1997:i:3:p:195-197
    DOI: 10.1080/135048597355500
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    References listed on IDEAS

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    1. Hansen, Lars Peter & Hodrick, Robert J, 1980. "Forward Exchange Rates as Optimal Predictors of Future Spot Rates: An Econometric Analysis," Journal of Political Economy, University of Chicago Press, vol. 88(5), pages 829-853, October.
    2. Defris, L. V. & Williams, R. A., 1979. "Quantitative versus qualitative measures of price expectations: The evidence from Australian consumer surveys," Economics Letters, Elsevier, vol. 2(2), pages 169-173.
    3. Alberro, Jose, 1981. "The Lucas hypothesis on the Phillips Curve : Further international evidence," Journal of Monetary Economics, Elsevier, vol. 7(2), pages 239-250.
    4. Gray, Jo Anna & Kandil, Magda, 1991. "Is Price Flexibility Stabilizing? A Broader Perspective," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(1), pages 1-12, February.
    5. Pagan, Adrian, 1984. "Econometric Issues in the Analysis of Regressions with Generated Regressors," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 25(1), pages 221-247, February.
    6. 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.
    7. Kormendi, Roger C & Meguire, Philip G, 1984. "Cross-Regime Evidence of Macroeconomic Rationality," Journal of Political Economy, University of Chicago Press, vol. 92(5), pages 875-908, October.
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    Cited by:

    1. Claude Bismut & Ismael Ramajo, 2018. "On the empirical relevance of the Lucas supply curve. (A note)," CEE-M Working Papers hal-01954918, CEE-M, Universtiy of Montpellier, CNRS, INRA, Montpellier SupAgro.
    2. Claude Bismut & Ismael Ramajo, 2018. "On the empirical relevance of the Lucas supply curve. (A note)," Working Papers hal-01954918, HAL.
    3. Fendel, Ralf & Rülke, Jan-Christoph, 2012. "Some international evidence on the Lucas Supply Function," Economics Letters, Elsevier, vol. 114(2), pages 157-160.

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