| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1071 |
| DP1071 The Creation and Capture of Rents: Wages and Innovation in a Panel of UK Companies | |
| John Van Reenen | |
| 发表日期 | 1994-11-30 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | Modern neo-Keynesian, new classical, and real business cycle models typically differ in the degree to which they incorporate long-run or short-run neutrality propositions. Despite their importance, little firm international evidence on the validity of these neutrality hypotheses is available to date. This paper applies a bivariate VAR approach to test the long-run restrictions implied by a number of neoclassical neutrality propositions. The evidence from the G7 countries appears to be consistent with the long-run neutrality of money and the vertical Phillips curve, but the data largely refute the long-run super-neutrality of money and the `Fisher effect' of inflation on interest rates. |
| 主题 | International Macroeconomics |
| 关键词 | Fisher effect Long run Lucus critique Neutrality Phillips curve Superneutrality Unit roots Vector autoregressions |
| URL | https://cepr.org/publications/dp1071 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530211 |
| 推荐引用方式 GB/T 7714 | John Van Reenen. DP1071 The Creation and Capture of Rents: Wages and Innovation in a Panel of UK Companies. 1994. |
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