An Updated Assessment of the Lucas Supply Curve

Brant Abbott and Cristina Martinez
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Cristina Martinez: Department of Economics, University of Victoria, https://www.uvic.ca/socialsciences/economics/

No 704, Econometrics Working Papers from Department of Economics, University of Victoria

Abstract: Previous empirical work that assessed the theoretical results of Lucas (1972) is updated by incorporating recent data, utilizing advancements in time series methods and bootstrapping results. Specifically, the two-stage method of Ball et al. (1988) and others is used, but the functional form used in the first stage is such that the data are stationary. In comparison to using the traditional first stage functional form, coefficient estimates are smaller in absolute value, but still significant.

Keywords: Inflation; Output inflation; Output; Phillips curves (search for similar items in EconPapers)
JEL-codes: E12 E31 (search for similar items in EconPapers)
Pages: 6 pages
Date: 2007-06-14
New Economics Papers: this item is included in nep-mac
Note: ISSN 1485-6441
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Persistent link: https://EconPapers.repec.org/RePEc:vic:vicewp:0704

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