Cross-Regime Tests of the Lucas Supply Function in Developing Countries

Peter Montiel and Iqbal Zaidi
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Iqbal Zaidi: International Monetary Fund

IMF Staff Papers, 1987, vol. 34, issue 4, 760-769

Abstract: The aggregate supply function developed by Lucas (1973) predicts that the short-run effects of monetary disturbances on real output are negatively related to the variability of such disturbances. This paper assesses the empirical relevance of the Lucas supply function for a large sample of developing countries by using distribution-free statistical methods. The negative relationship seems to be a robust feature of developing country data and holds true for almost all of the analytical subgroups examined.

Date: 1987
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