Belliveau, Stefan (2011): A St.-Louis equation to reassess the influence of macroeconomic-policy instruments.
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An analysis of the impact from stabilizing instruments important to macroeconomic policy on output in the US is presented. A simple approach to identify the influence of macroeconomic-policy instruments, based on the St. Louis equation, is clearly presented and examined using annual US data from 1956-2007. The conclusion from this analysis is that both monetary and fiscal policy are viable options for policymakers seeking to stabilize output.
|Item Type:||MPRA Paper|
|Original Title:||A St.-Louis equation to reassess the influence of macroeconomic-policy instruments|
|Keywords:||Business cycles; monetary policy; fiscal policy|
|Subjects:||E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles > E32 - Business Fluctuations ; Cycles
E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook > E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy ; Stabilization ; Treasury Policy
|Depositing User:||Stefan Belliveau|
|Date Deposited:||09. Feb 2011 19:44|
|Last Modified:||11. Feb 2013 11:51|
Andersen, Leonall C., and Jerry L. Jordan. 1968. “Monetary and fiscal actions: A test of their relative importance in economic stabilization”. Federal Reserve Bank of St. Louis Review, 50: 11-24.
Batten, Dallas S., and Daniel L. Thornton. 1983. “Polynomial distributed lags and the St. Louis equation”. Federal Reserve Bank of St. Louis Review, 65: 13-25.
De Leeuw, Frank and John Kalchbrenner. 1969. “ Monetary and fiscal actions: A test of their relative importance in economic stabilization – Comment”. Federal Reserve Bank of St. Louis Review, 51: 6-11.
Jordan, Jerry L. 1986. “The Andersen-Jordan Approach after Nearly 20 Years”. Federal Reserve Bank of St. Louis Review, 68: 5-8.
McCallum, Bennett T. 1986. “Monetary versus fiscal policy effects: A review of the debate”. In The monetary versus fiscal policy debate: Lessons from two decades, ed. by R.W. Hafer, 9–32. Totowa, N.J.: Rowman and Allanheld.
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