Aggregate Demand and Aggregate Supply in Germany and the United Kingdom
نویسنده
چکیده
The article uses a structural vector autoregressive (SVAR) model under some well agreed-on long-run neutrality assumption to identify the aggregate demand (AD) and aggregate supply curve (AS) in West Germany and the UK. The empirical results indicate similarities and contrasts in macroeconomic behaviour across both countries. A main result is that the UK is characterized by much larger output and price responses to to demand disturbances.
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