On the long-run neutrality of demand shocks
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- 作者：Wenjuan Chen ; wenjuan.chen@fu-berlin.de" class="auth_mail" title="E-mail the corresponding author ; Aleksei Net&scaron ; unajev aleksei.netsunajev@fu-berlin.de" class="auth_mail" title="E-mail the corresponding author
- 关键词：C32
- 刊名：Economics Letters
- 出版年：2016
- 出版时间：February 2016
- 年：2016
- 卷：139
- 期：Complete
- 页码：57-60
- 全文大小：355 K
文摘
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We revisit the seminal paper by Blanchard and Quah (1989).
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We achieve identification of shocks via smoothly changing variances.
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The effects of the positive demand shocks on output remain permanently positive.
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A formal test rejects the long-run neutrality of the demand shocks.