Macroeconomic dynamics and the IS puzzle

被引：1

作者：

Hawkins, Raymond J. ^{[1
,2
]}

Nguyen, Chau N. ^{[1
]}

机构：

[1] Univ Calif Berkeley, Dept Econ, Berkeley, CA 94720 USA

[2] Univ Arizona, Coll Opt Sci, Tucson, AZ 85721 USA

来源：

ECONOMICS-THE OPEN ACCESS OPEN-ASSESSMENT E-JOURNAL | 2018年 / 12卷

关键词：

IS curve; Euler equation; inflation; anelasticity; monetary policy; MONETARY-POLICY; NATURAL RATE; EURO AREA; OUTPUT; MONEY; TRANSMISSION; CURVE; US;

D O I：

10.5018/economics-ejournal.ja.2018-59

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The authors solve the IS puzzle for the G7 countries. They find that five of the G7 countries have the expected significant negative relationship between the output gap and the realrate gap; the time series of the remaining two show material deviation from expected IS-curve behavior. The authors show that the observed time dependence of the interaction between the output and real-rate gaps can be represented in a parsimonious and practical manner using the theory of anelasticity that unifies partial-adjustment specifications of the IS curve.

引用

页数：13

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