Intracountry Evidence on the Lucas Variance Hypothesis

George M Katsimbris

Economic Inquiry, 1990, vol. 28, issue 4, 756-73

Abstract: Intracountry time-series evidence for a sample of thirty-nine countries fails to provide strong support for the basic implications of the Lucas aggregate supply model, namely, there exists a negative relationship between the output-inflation trade-off and the variability of both nominal aggregate demand. The findings differ from those of most of the previous cross-sectional studies, which found support for the Lucas variance hypothesis, but are consistent with R. T. Froyen and R. N. Waud's. Copyright 1990 by Oxford University Press.

Date: 1990
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