Some Further Evidence on the Policy Ineffectiveness Proposition

B. Rao

Economic Journal, 1992, vol. 102, issue 414, 1244-50

Abstract: Nonnested hypothesis tests are used to evaluate the Keynesian and three variants of the new classical output equations. The author's results, based on the U.S. data, show that the Keynesian equation could not be rejected by the new classical equations for the periods 1946-85 and 1946-89. When the new classical equations are tested against the Keynesian alternative, with one minor exception, the latter always rejected the former. Copyright 1992 by Royal Economic Society.

Date: 1992
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