LUCAS SIGNAL-EXTRACTION MODEL - A FINITE STATE EXPOSITION WITH AGGREGATE REAL SHOCKS
成果类型：
Article
署名作者：
WALLACE, N
署名单位：
University of Minnesota System; University of Minnesota Twin Cities
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/0304-3932(92)90005-M
发表日期：
1992
页码：
433-447
关键词：
摘要：
This is a version of Lucas's (1972) 'Expectations and the Neutrality of Money' with finite supports for the exogenous random variables and with aggregate real shocks. The finite supports simplify the proofs and permit solutions for examples to be computed. The presence of aggregate shocks permits the model to display output-aggregate demand and output-inflation correlations that more closely duplicate those found in some data sets, correlations that have been interpreted as evidence against the model.
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