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Publication year
A Traditional Interpretation of Macroeconomic Fluctuations.
Resource type
Author/contributor
- Blanchard, Olivier Jean (Author)
Title
A Traditional Interpretation of Macroeconomic Fluctuations.
Abstract
Under the traditional interpretation of macroeconomic fluctuations, aggregate demand shocks move output and prices in the same direction, while aggregate supply shocks move output and prices in opposite directions. This paper examines the joint behavior of U.S. output, unemployment, prices, wages, and nominal money and asks whether it is consistent with this interpretation. The answer is a qualified yes. Copyright 1989 by American Economic Association.
Publication
American Economic Review
Volume
79
Issue
5
Pages
1146-64
Date
1989-12
Citation
Blanchard, O. J. (1989). A Traditional Interpretation of Macroeconomic Fluctuations. American Economic Review, 79, 1146–1164.
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