Aggregate demand and the endogeneity of the natural rate of growth: evidence from Latin American economies
检验了凯恩斯主义观点，即总需求在短期和长期都影响经济活动，通过对12个拉丁美洲国家的面板数据实证分析，发现产出存在单位根，且潜在产出受实际经济活动影响，支持总需求具有长期效应的假说。
This paper aims to explore the Keynesian idea that aggregate demand matters for economic activity, both in the short and long run. To that extent, it discusses the endogeneity of the natural rate of growth, and presents two empirical exercises: the first one tests for unit roots in output for 12 Latin American countries using panel data. The results suggest that gross domestic product series are non-stationary and therefore shocks (both from supply and demand) have persistent effects in the economy. The second exercise tests the hypothesis of an endogenous natural rate of growth, and suggests that potential output has been influenced by the actual level of economic activity in Latin American countries. This result corroborates the hypothesis that aggregate demand has long-run effects in the economy. Copyright The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.