A Traditional Interpretation of Macroeconomic Fluctuations
检验美国产出、失业、价格、工资和名义货币的联合行为是否与总需求冲击和总供给冲击的传统解释一致，结论是部分符合。
Under the traditional interpretation of macroeconomic fluctuations, aggregate demand shocks move output and prices in the same direction, while aggregate supply shocks move output and prices in opposite directions. This paper examines the joint behavior of U.S. output, unemployment, prices, wages, and nominal money and asks whether it is consistent with this interpretation. The answer is a qualified yes. Copyright 1989 by American Economic Association.