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• W2163446022 abstract "Several researchers have examined Lucas’ misperceptions model as well as various propositions derived from it within a cross-section empirical framework. The cross-section approach imposes a single monetary policy regime for the entire period. Our paper innovates on existing tests of those rational expectations propositions by allowing the simultaneous effect of monetary and short-run aggregate supply (oil price) shocks on output behavior and the employment of advanced panel econometric techniques. Our empirical findings, for a sample of 41 countries over 1949–1999, provide evidence in favor of the majority of rational expectations propositions." @default.
• W2163446022 created "2016-06-24" @default.
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• W2163446022 date "2004-05-01" @default.
• W2163446022 modified "2023-09-27" @default.
• W2163446022 title "Macroeconomic rationality and Lucas’ misperceptions model: further evidence from 41 countries" @default.
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• W2163446022 doi "https://doi.org/10.1016/j.jeconbus.2003.10.002" @default.
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