A keynesian macro‐econometric model of the UK: 1955–1984
构建了一个小型凯恩斯宏观经济模型，将工资-价格决定与商品和货币市场联系起来，估计了就业-货币供给弹性，并发现均衡失业率受货币供给和收入政策的负向影响。
Abstract In this paper we present a small Keynesian macro‐economic model in which wage‐price determination is linked to the working of goods and money markets. By explicitly treating the Keynes effect we derive a general expression for the employment‐money supply elasticity, and draw the IS‐LM loci in the employment‐interest rate space Our empirical specification allows for short‐run disequilibrium dynamic adjustments around the static long‐run relations predicted by the theoretical model. By careful use of our specification search strategy we obtain a statistically sound econometric model, which exhibits sensible long‐run properties. A remarkable finding implied by our estimates is that equilibrium unemployment is negatively affected by both money supply and incomes policy.