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A St.-Louis equation to reassess the influence of macroeconomic-policy instruments

Belliveau, Stefan (2011): A St.-Louis equation to reassess the influence of macroeconomic-policy instruments.

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Abstract

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.

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