Monetary Policy Does Matter: Control Causality and Superexogeneity
检验了货币政策对实际产出缺口是否具有超外生性，发现成立，表明货币政策对产出缺口存在因果影响，且卢卡斯批判在此例中无实证支持。
In this paper, the sufficiency of superexogeneity for control causality is exploited in the case of monetary policy and real output. The superexogeneity of the formulation of monetary policy for the real output gap is tested and found to be true implying a causal link from monetary policy to the real output gap. Given the empirical evidence, the Lucas Critique appears to be a theoretical possibility but not empirically relevant in this case. Copyright 2002 by Blackwell Publishing Ltd