4 resultados para Berenson, Gordon (Red)

em Université de Montréal, Canada


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This paper tests the predictions of the Barro-Gordon model using US data on inflation and unemployment. To that end, it constructs a general game-theoretical model with asymmetric preferences that nests the Barro-Gordon model and a version of Cukierman’s model as special cases. Likelihood Ratio tests indicate that the restriction imposed by the Barro-Gordon model is rejected by the data but the one imposed by the version of Cukierman’s model is not. Reduced-form estimates are consistent with the view that the Federal Reserve weights more heavily positive than negative unemployment deviations from the expected natural rate.

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Affiliation: Augustin Zeba & Hélène Delisle : Département de nutrition, Faculté de médecine, Université de Montréal

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Rapport de recherche

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Mémoire numérisé par la Division de la gestion de documents et des archives de l'Université de Montréal