Variations in the Response of Real Output to Aggregate Demand Shocks: A Cross-Industry Analysis
利用美国行业数据，检验新古典与新凯恩斯理论对实际产出受总需求冲击影响的解释，发现行业平均通胀率与需求波动性是关键因素，但未明确支持任一理论。
Using industry data, this paper investigates the determinants of the response of real output to aggregate demand shocks across industries of the U.S. economy. The purpose of this investigation is to verify the empirical validity of two competing explanations for this response: a new classical explanation and a new Keynesian explanation. The author finds that the impact of aggregate demand shocks on industrial real output is negatively related to the mean inflation of industrial output price and positively related to the variability of the demand for this output. In addition, some industry-specific factors are important in differentiating the cyclical behavior of real output across industries. This evidence does not provide a clear support for any of the competing explanations considered in this paper. The evidence, however, sheds some light on important factors that differentiate the response of real output to aggregate demand shocks across industries of the economy. Copyright 1991 by MIT Press.