Some Further Evidence on the Policy Ineffectiveness Proposition
用美国数据检验新古典政策无效性命题，通过非嵌套假设检验比较凯恩斯与新古典产出方程，发现凯恩斯模型显著优于新古典模型。
In the empirical literature of the new classical model and its criticisms, the unemployment equation received much attention. In this paper we shall examine the validity of the new classical policy ineffectiveness proposition, using the output equation. Non-nested hypothesis tests are used to evaluate the Keynesian and new classical output equations. Our results, based on the U.S. data, show that the new classical model and the policy ineffectiveness proposition are conclusively rejected by the Keynesian model for the periods 1946-1985 and 1946-1989.