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American Economic Review

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Опубликовано на портале: 13-04-2004
Olivier Jean Blanchard American Economic Review. 1989.  Vol. 79. No. 5. P. 1146-1164. 
Under the traditional interpretation of macroeconomic fluctuations, aggregate demand shocks move output and prices in the same direction, while aggregate supply shocks move output and prices in opposite directions. This paper examines the joint behavior of U.S. output, unemployment, prices, wages, and nominal money and asks whether it is consistent with this interpretation. The answer is a qualified yes.
Опубликовано на портале: 13-04-2004
Olivier Jean Blanchard, Danny Quah American Economic Review. 1989.  Vol. 79. No. 4. P. 655-673. 
We interpret fluctuations in GNP and unemployment as due to two types of disturbances: disturbances that have a permanent effect on output and disturbances that do not. We interpret the first as supply disturbances, the second as demand disturbances. Demand disturbances have a hump-shaped mirror-image effect on output and unemployment. The effect of supply disturbances on output increases steadily over time, peaking after two years and reaching a plateau after five years.