Transcription of A Classical View of the Business Cycle - irelandp.com
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A Classical View of the Business Cycle - irelandp.com
A Classical view of the Business Cycle Michael T. Belongia Peter N. Ireland Otho Smith Professor of Economics Department of Economics University of Mississippi Boston College Box 1848 140 Commonwealth Avenue University, MS 38677 Chestnut Hill, MA 02467. July 2017. Abstract: In the 1920s, Irving Fisher extended his previous work on the Quantity Theory to describe how, through an early version of the Phillips Curve, changes in the price level could affect both output and unemployment. At the same time, Holbrook Working designed a quantitative rule for achieving price stability through control of the money supply. This paper develops a structural vector autoregressive time series model that allows these Classical .
A Classical View of the Business Cycle Michael T. Belongia Otho Smith Professor of Economics University of Mississippi Box 1848 University, MS 38677
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