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Testing Some Monetarist Propositions

Peter Rangazas and Dewan Abdullah
The Review of Economics and Statistics
Vol. 70, No. 1 (Feb., 1988), pp. 173-177
Published by: The MIT Press
DOI: 10.2307/1928168
Stable URL: http://www.jstor.org/stable/1928168
Page Count: 5
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Testing Some Monetarist Propositions
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Abstract

This paper attempts to reconcile the conflicting findings of a particular line of research designed to test Monetarism on reduced form equations. Using the encompassing approach of Mizon, the lag lengths in inflation and unemployment equations are statistically determined and then decomposed into lags due to "systematic" and "error" dynamics. Several Monetarist propositions are tested on the systematic component of each equation. The data fail to reject the restrictions imposed by Monetarism in all cases.

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