TY - JOUR
T1 - Unanticipated monetary policy and real economic activity
T2 - Some cross-regime evidence
AU - Chan, Louis K.C.
PY - 1988
Y1 - 1988
N2 - Classical equilibrium models of business cycles predict several consequences of policy regime shift. This paper examines these predictions, using evidence from the post-1979 period, and by comparing several pre-war monetary regimes. The policy-invariance proposition and the Lucas hypothesis receive some support from the evidence, although some discrepancies remain.
AB - Classical equilibrium models of business cycles predict several consequences of policy regime shift. This paper examines these predictions, using evidence from the post-1979 period, and by comparing several pre-war monetary regimes. The policy-invariance proposition and the Lucas hypothesis receive some support from the evidence, although some discrepancies remain.
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U2 - 10.1016/0304-3932(88)90007-4
DO - 10.1016/0304-3932(88)90007-4
M3 - Article
AN - SCOPUS:45549116352
SN - 0304-3932
VL - 22
SP - 439
EP - 459
JO - Journal of Monetary Economics
JF - Journal of Monetary Economics
IS - 3
ER -