000			02092cam a22003137 4500
001			w1491
003			NBER
005			20211020115220.0
006			m o d
007			cr cnu||||||||
008			210910s1984 mau fo 000 0 eng d
100	1		_aTaylor, John B. _921553
245	1	0	_aImprovements in Macroeconomic Stability: _bThe Role of Wages and Prices / _cJohn B. Taylor.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c1984.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w1491
500			_aNovember 1984.
520	3		_aThis paper compares macroeconomic performance in the United States from 1891 through 1914 with the period after the Second World War by estimating reduced form autoregressions for prices, wages and output, by looking at their moving average representations, and by giving them simple structural interpretations. The results show that the impulses to the economic system were smaller in the later period, but the propagation mechanisms are much slower and more drawn out. The smaller shocks are therefore translated into larger and more prolonged fluctuations in output and inflation than would occur if the earlier dynamics were applicable in the later period. A tentative explanation for the changes in the dynamics is a slower speed of wage and price adjustment combined with a different accommodative stance for the monetary system.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aC - Mathematical and Quantitative Methods _2Journal of Economic Literature class.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w1491.
856	4	0	_uhttps://www.nber.org/papers/w1491
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w1491
942			_2ddc _cW-PAPER
999			_c347072 _d305634