Testing of the rational expectations and structural neutrality hypotheses |
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Authors: | MJ Driscoll JL Ford AW Mullineux S Sen |
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Institution: | University of Birmingham, England |
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Abstract: | In this paper we examine the tests of the new classical rational expectations and structural neutrality hypotheses undertaken by Leiderman (1980) using a model of money growth and unemployment for the United States developed by Barro (1977). Employing the data used in the studies by Barro and Leiderman we are able to construct an alternative model of money growth and unemployment against which the Barro-Leiderman model is rejected along with the joint hypothesis of rational expectations and structural neutrality. |
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