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Some Further Evidence on the Policy Ineffectiveness Proposition

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  • Bhaskara Rao, B.

Abstract

In the empirical literature of the new classical model and its criticisms, the unemployment equation received much attention. In this paper we shall examine the validity of the new classical policy ineffectiveness proposition, using the output equation. Non-nested hypothesis tests are used to evaluate the Keynesian and new classical output equations. Our results, based on the U.S. data, show that the new classical model and the policy ineffectiveness proposition are conclusively rejected by the Keynesian model for the periods 1946-1985 and 1946-1989.

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  • Bhaskara Rao, B., 1990. "Some Further Evidence on the Policy Ineffectiveness Proposition," Working Papers 149, University of Sydney, School of Economics.
    • Handle: RePEc:syd:wpaper:2123/7594
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    1. Silva Lopes, Artur, 1994. "A "hipótese das expectativas racionais": teoria e realidade (uma visita guiada à literatura até 1992) [The "rational expectations hypothesis": theory and reality (a guided tour ," MPRA Paper 9699, University Library of Munich, Germany, revised 23 Jul 2008.
    2. McAleer, Michael, 1995. "The significance of testing empirical non-nested models," Journal of Econometrics, Elsevier, vol. 67(1), pages 149-171, May.
    3. H. Sonmez Atesoglu & Donald Dutkowsky, 1997. "On the dynamics of balance of payments constrained growth," Applied Economics, Taylor & Francis Journals, vol. 29(10), pages 1343-1351.
    4. Rao, B. Bhaskara, 1993. "The nature of transactions in the U.S. aggregate goods market," Economics Letters, Elsevier, vol. 41(4), pages 385-390.

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