The classical and more recent offshoot textbook Phillips Curve tradeoffs are re-investigated. An ... more The classical and more recent offshoot textbook Phillips Curve tradeoffs are re-investigated. An empirical analysis is done using annualized quarterly data from 1978 – 2009, which once again confirms there is no long run tradeoff between inflation and unemployment. Further, an empirical search for the short run textbook Phillips Curve is undertaken. Not surprisingly, there appears to be no statistically significant relationship between inflation and unemployment – even in the short run – over the past thirty or more years, and this is true whether the relationship is the classical one between inflation rate and unemployment rate; or the original Modigliani-Papademos NAIRU difference between current and lagged inflation rate and the gap between actual and the natural rate of unemployment; or the Friedman-Phelps-Lucas expectations-augmented one between the difference of actual and expected inflation rate and the gap between actual and the natural rate of unemployment. In search of oth...
Content Notes: Prefaces -- Ch. 1, An introduction to meteors -- Ch. 2, The basics of naked eye ob... more Content Notes: Prefaces -- Ch. 1, An introduction to meteors -- Ch. 2, The basics of naked eye observing -- Ch. 3, More advanced naked eye observing -- Ch. 4, Some important meteor showers -- Ch. 5, A history of meteorics before the IMO -- Ch. 6, Recent history-a new dawn in meteorics -- Ch. 7, Meteor stream formation and dynamics -- Ch. 8, Zenithal hourly rates and ZHR determination -- Ch. 9, The factors influencing radiant positions -- Ch. 10, Meteor stream and cometary orbits -- Ch. 11, A meteor potpourri.
This paper briefly reviews the published arguments and criticisms related to the famous Andersen ... more This paper briefly reviews the published arguments and criticisms related to the famous Andersen – Jordan (1968) St. Louis equation. The improvements and critiques that have evolved over the past forty-five years are outlined and a new set of refinements are offered. Agreeing with Wilkins' (2013) argument for using a lagged dependent variable, a fresh empirical analysis is performed by the author. A new private consumption dependent variable is employed; monetary aggregates rather than monetary base are used, as is total government spending rather than surpluses or deficits, although those are also run for comparison. Endogeneities are fleshed out by adding unemployment and inflation gap variables. Ultimately, the results here show no empirical support for aggregate demand management, either fiscal or monetary, effectively altering private consumption.
In this paper, a simple dynamic aggregate demand and supply model is developed as a useful pedago... more In this paper, a simple dynamic aggregate demand and supply model is developed as a useful pedagogical model alongside the usual AD/AS version. Nearly all of the macroeconomic information the public receives is presented in this rate-of-change form. Using US contemporaneous, quarterly data from 1980 through 2018, dynamic aggregate supply and demand functions are theoretically derived and empirically determined using 2SLS regressions. These real-world results are then used to construct a macro simulation model of the US economy in Microsoft Excel, which is provided. The model is built to be easily used in an undergraduate macroeconomics course. It enables the user to simulate a variety of economic shocks, including changes in the money supply rates of growth, velocity of money rates of growth, anticipated inflation shocks, and wage growth rate shocks. The resulting impacts are realistic, having been based on actual US data. Examples include both a monetary (demand) and wage (supply) ...
Celebrating the fiftieth anniversary of Friedman – Meiselman’s (1963) empirical answer to the eff... more Celebrating the fiftieth anniversary of Friedman – Meiselman’s (1963) empirical answer to the efficacy of monetary and fiscal policies, this paper chronologically surveys twenty-four papers that have been an integral part of the debate over the reduced form, single equation approach that was started by Friedman and Meiselman’s 1963 study. Many of the arguments and criticisms related to the Friedman – Meiselman equation and its famous progeny, the Andersen – Jordan (1968) St. Louis equation are reviewed. Indeed, nowadays few economists even speak of the Friedman and Meiselman approach, it having been long ago usurped by Andersen – Jordan; however, Friedman and Meiselman were the pioneers of the single-equation test and it is their seminal approach and anniversary that is acknowledged here.
Neo-Fisherism, the theory that monetary authorities should expect inflation rates to be positivel... more Neo-Fisherism, the theory that monetary authorities should expect inflation rates to be positively and causally related to their targeted nominal interest rates, is reviewed and empirically investigated. Using several different measures of interest rates and inflation we analyze US monthly data from January 1964 to April 2019. Granger causality tests are performed in search of a Neo-Fisherist impact of interest rates causally impacting inflation or the reverse. The full period is reviewed and is also divided into three sub-periods: the period before the Federal Reserve targeted federal funds rate at 25 basis points (labeled here as the effective lower bound, ELB), the ELB period, and the post-ELB period. Prior to the effective lower bound, we find evidence largely supporting the classical view of causality from inflation to interest rates, however the relationship is bidirectional depending on the measurement of inflation and interest rates. During the ELB, we find moderate evidence...
Variables whose distributions achieve the boundary value of Chebyshev's inequality are characteri... more Variables whose distributions achieve the boundary value of Chebyshev's inequality are characterized and it is found that non-constant variables with this property are symmetric discrete with at most three values. Nevertheless, the bound of Chebyshev's inequality remains optimal for the class of continuous variables.
DESCRIPTION My Florida Southern College monetary economics students performed all of the statisti... more DESCRIPTION My Florida Southern College monetary economics students performed all of the statistical analysis for this paper as part of the class. The paper was presented at an economics symposium in April, 2012.
DESCRIPTION ABSTRACT (Teaching/Pedagogy track) Students in many areas of business and economics a... more DESCRIPTION ABSTRACT (Teaching/Pedagogy track) Students in many areas of business and economics are presented the Economic Order Quantity (EOQ) model when learning about inventories and optimization. The model is simple but restrictive, most notably in assuming non-stochastic, continuous, linear demand. When demand restrictions are relaxed, the student is then exposed to the concept of safety stocks used as a buffer to avoid stockouts. He is shown that, facing rising costs of inventories on one hand and costs of shortages on the other, an optimal safety stock can be determined. But then, even under these known cost conditions, the student is shown an inefficient “hunt and peck” method for solving the problem. This paper presents a simple mathematical method to solve directly for optimal probabilities of a stock-out and optimal safety stock.
It has become commonplace for economists to assert that human beings are not fully economically r... more It has become commonplace for economists to assert that human beings are not fully economically rational. Many psychologists and behavioral economists now maintain that economic agents do not reason very well, that these agents often do not know what is good for them and that they behave in odd, non-reasoning, inconsistent ways. Paradoxes and inconsistencies supposedly surface in economic behavior, making agents appear to be unpredictable, but interesting and wonderfully " complex. " In this paper, however, it is argued that economic agents are, in fact, quite rational, are predictable under strict ceteris paribus assumptions, and are much simpler and uninteresting than psychologists and behavioral economists might have us believe. In support of the contention of rationality, Tversky's classic behavioral experiment of irrelevant alternatives is performed again but results are obtained in disagreement with Tversky.
DESCRIPTION The statistics for the sampling variables commonly introduced in undergraduate statis... more DESCRIPTION The statistics for the sampling variables commonly introduced in undergraduate statistics courses sampling distributions, i.e. Z, t, , and F are shown to have surprising interrelationships such that the computed statistics of any particular sampling distribution can be derived from the computed statistics of other related sampling distributions. The interrelationships are shown to hold under one or two population cases. Some of these relationships have been noted before; however, we extend the interrelationships beyond what is normally seen in the pedagogical literature and suggest that these interrelationships could be helpful to students learning intermediate level statistics.
The classical and more recent offshoot textbook Phillips Curve tradeoffs are re-investigated. An ... more The classical and more recent offshoot textbook Phillips Curve tradeoffs are re-investigated. An empirical analysis is done using annualized quarterly data from 1978 – 2009, which once again confirms there is no long run tradeoff between inflation and unemployment. Further, an empirical search for the short run textbook Phillips Curve is undertaken. Not surprisingly, there appears to be no statistically significant relationship between inflation and unemployment – even in the short run – over the past thirty or more years, and this is true whether the relationship is the classical one between inflation rate and unemployment rate; or the original Modigliani-Papademos NAIRU difference between current and lagged inflation rate and the gap between actual and the natural rate of unemployment; or the Friedman-Phelps-Lucas expectations-augmented one between the difference of actual and expected inflation rate and the gap between actual and the natural rate of unemployment. In search of oth...
Thesis (Ph. D.)--University of Cincinnati, 1989. Bibliography: leaves [160]-[170]. Includes abstr... more Thesis (Ph. D.)--University of Cincinnati, 1989. Bibliography: leaves [160]-[170]. Includes abstract.
Running simulations using Microsoft's Excel or other spreadsheet programs is an excellent met... more Running simulations using Microsoft's Excel or other spreadsheet programs is an excellent method for examining the time series effects of macroeconomic phenomena. As students commonly have this tool available to them, it becomes an easy means to get students actively involved in running policy simulations, both in and outside of the classroom. In this paper, various monetary policy models and rules are simulated in Excel to show impulse response functions, the time path differences in: changes in rules, changes in model parameters, changes in aggregate models of the economy, and AD versus AS shocks. Notably, Tinbergen's policy constraint, Friedman's monetary rule, Taylor's monetary rule, Blinder's monetary prescription, and zero-bound policy are examined under varying simulated economic conditions. A comparison of the paper's spreadsheet process to the MoPoS simulation game and to Weber's OCT is made. Although the models and processes here are relatively ...
To obtain ZHRs under very short observation periods and/or poor observing conditions, meteor coun... more To obtain ZHRs under very short observation periods and/or poor observing conditions, meteor counts must be significantly magnified. However, using a large correction factor can lead to substantially uncertain ZHRs. This paper examines the statistical uncertainty that results when large correction factors are applied to poor data. The Poisson distribution used in ZHR calculations is reviewed, concentrating on its significant skew under low raw data conditions. Real structural, asymmetric differences in probability densities between high certainty/high ZHRs and low certainty/high projected ZHRs are shown to exist for the same reported ZHR.
ABSTRACT Responding to continuing discussions in this Journal regarding the importance of regiona... more ABSTRACT Responding to continuing discussions in this Journal regarding the importance of regional money supply and credit, a simple reduced-form regional money supply model is posited and an investigation of real regional money supplies is performed for several states around the country. Hypothesis tests are performed regarding the question of regional financial market segmentation, concluding that segmentation still exists in the United States. The empirical results also imply that interregional trade, presumably via the consequent constraint on regional banks, has at least as much effect on regional money supplies as Federal Reserve policies. These results lend further support for the assertion that regionally available money matters at the local level, and that regional analysis should continue to include regional money and credit as explanatory variables. The implications for policy makers are that: 1) national monetary policy cannot cure regional ills if the problems are manifested in regional industry mixes; and 2) some proposed banking reforms now being debated in Congress, i.e, nationwide branch banking and, particularly, industrial ownership of banks, are suspect. A healthy caution is warranted without more tests of these reforms.
Interest rate targeting rules including inflation-only, Taylor's, and nominal gross domestic prod... more Interest rate targeting rules including inflation-only, Taylor's, and nominal gross domestic product are compared using two models, a standard AD/AS model and a New Consensus Macroeconomic model. All monetary policy rules are employed in simulations covering several different possible policy scenarios and then measured for a proxy for welfare loss, RMSE, the squared deviations from the targeted values and the actual values. The same simulation process is also used to determine the impact when the targeted values are not the same as the market clearing values. The method used here is to have the two different macroeconomic simulation models subjected to those rules and then to make welfare comparisons in order to determine the welfare-saving effectiveness of the rules.
This paper briefly reviews the published arguments and criticisms related to the famous Andersen ... more This paper briefly reviews the published arguments and criticisms related to the famous Andersen – Jordan (1968) St. Louis equation. The improvements and critiques that have evolved over the past forty-five years are outlined and a new set of refinements are offered. Agreeing with Wilkins' (2013) argument for using a lagged dependent variable, a fresh empirical analysis is performed by the author. A new private consumption dependent variable is employed; monetary aggregates rather than monetary base are used, as is total government spending rather than surpluses or deficits, although those are also run for comparison. Endogeneities are fleshed out by adding unemployment and inflation gap variables. Ultimately, the results here show no empirical support for aggregate demand management, either fiscal or monetary, effectively altering private consumption.
Celebrating the fiftieth anniversary of Friedman – Meiselman's (1963) empirical answer to the eff... more Celebrating the fiftieth anniversary of Friedman – Meiselman's (1963) empirical answer to the efficacy of monetary and fiscal policies, this paper chronologically surveys twenty-four papers that have been an integral part of the debate over the reduced form, single equation approach that was started by Friedman and Meiselman's 1963 study. Many of the arguments and criticisms related to the Friedman – Meiselman equation and its famous progeny, the Andersen – Jordan (1968) St. Louis equation are reviewed. Indeed, nowadays few economists even speak of the Friedman and Meiselman approach, it having been long ago usurped by Andersen – Jordan; however, Friedman and Meiselman were the pioneers of the single-equation test and it is their seminal approach and anniversary that is acknowledged here.
The classical and more recent offshoot textbook Phillips Curve tradeoffs are re-investigated. An ... more The classical and more recent offshoot textbook Phillips Curve tradeoffs are re-investigated. An empirical analysis is done using annualized quarterly data from 1978 – 2009, which once again confirms there is no long run tradeoff between inflation and unemployment. Further, an empirical search for the short run textbook Phillips Curve is undertaken. Not surprisingly, there appears to be no statistically significant relationship between inflation and unemployment – even in the short run – over the past thirty or more years, and this is true whether the relationship is the classical one between inflation rate and unemployment rate; or the original Modigliani-Papademos NAIRU difference between current and lagged inflation rate and the gap between actual and the natural rate of unemployment; or the Friedman-Phelps-Lucas expectations-augmented one between the difference of actual and expected inflation rate and the gap between actual and the natural rate of unemployment. In search of oth...
Content Notes: Prefaces -- Ch. 1, An introduction to meteors -- Ch. 2, The basics of naked eye ob... more Content Notes: Prefaces -- Ch. 1, An introduction to meteors -- Ch. 2, The basics of naked eye observing -- Ch. 3, More advanced naked eye observing -- Ch. 4, Some important meteor showers -- Ch. 5, A history of meteorics before the IMO -- Ch. 6, Recent history-a new dawn in meteorics -- Ch. 7, Meteor stream formation and dynamics -- Ch. 8, Zenithal hourly rates and ZHR determination -- Ch. 9, The factors influencing radiant positions -- Ch. 10, Meteor stream and cometary orbits -- Ch. 11, A meteor potpourri.
This paper briefly reviews the published arguments and criticisms related to the famous Andersen ... more This paper briefly reviews the published arguments and criticisms related to the famous Andersen – Jordan (1968) St. Louis equation. The improvements and critiques that have evolved over the past forty-five years are outlined and a new set of refinements are offered. Agreeing with Wilkins' (2013) argument for using a lagged dependent variable, a fresh empirical analysis is performed by the author. A new private consumption dependent variable is employed; monetary aggregates rather than monetary base are used, as is total government spending rather than surpluses or deficits, although those are also run for comparison. Endogeneities are fleshed out by adding unemployment and inflation gap variables. Ultimately, the results here show no empirical support for aggregate demand management, either fiscal or monetary, effectively altering private consumption.
In this paper, a simple dynamic aggregate demand and supply model is developed as a useful pedago... more In this paper, a simple dynamic aggregate demand and supply model is developed as a useful pedagogical model alongside the usual AD/AS version. Nearly all of the macroeconomic information the public receives is presented in this rate-of-change form. Using US contemporaneous, quarterly data from 1980 through 2018, dynamic aggregate supply and demand functions are theoretically derived and empirically determined using 2SLS regressions. These real-world results are then used to construct a macro simulation model of the US economy in Microsoft Excel, which is provided. The model is built to be easily used in an undergraduate macroeconomics course. It enables the user to simulate a variety of economic shocks, including changes in the money supply rates of growth, velocity of money rates of growth, anticipated inflation shocks, and wage growth rate shocks. The resulting impacts are realistic, having been based on actual US data. Examples include both a monetary (demand) and wage (supply) ...
Celebrating the fiftieth anniversary of Friedman – Meiselman’s (1963) empirical answer to the eff... more Celebrating the fiftieth anniversary of Friedman – Meiselman’s (1963) empirical answer to the efficacy of monetary and fiscal policies, this paper chronologically surveys twenty-four papers that have been an integral part of the debate over the reduced form, single equation approach that was started by Friedman and Meiselman’s 1963 study. Many of the arguments and criticisms related to the Friedman – Meiselman equation and its famous progeny, the Andersen – Jordan (1968) St. Louis equation are reviewed. Indeed, nowadays few economists even speak of the Friedman and Meiselman approach, it having been long ago usurped by Andersen – Jordan; however, Friedman and Meiselman were the pioneers of the single-equation test and it is their seminal approach and anniversary that is acknowledged here.
Neo-Fisherism, the theory that monetary authorities should expect inflation rates to be positivel... more Neo-Fisherism, the theory that monetary authorities should expect inflation rates to be positively and causally related to their targeted nominal interest rates, is reviewed and empirically investigated. Using several different measures of interest rates and inflation we analyze US monthly data from January 1964 to April 2019. Granger causality tests are performed in search of a Neo-Fisherist impact of interest rates causally impacting inflation or the reverse. The full period is reviewed and is also divided into three sub-periods: the period before the Federal Reserve targeted federal funds rate at 25 basis points (labeled here as the effective lower bound, ELB), the ELB period, and the post-ELB period. Prior to the effective lower bound, we find evidence largely supporting the classical view of causality from inflation to interest rates, however the relationship is bidirectional depending on the measurement of inflation and interest rates. During the ELB, we find moderate evidence...
Variables whose distributions achieve the boundary value of Chebyshev's inequality are characteri... more Variables whose distributions achieve the boundary value of Chebyshev's inequality are characterized and it is found that non-constant variables with this property are symmetric discrete with at most three values. Nevertheless, the bound of Chebyshev's inequality remains optimal for the class of continuous variables.
DESCRIPTION My Florida Southern College monetary economics students performed all of the statisti... more DESCRIPTION My Florida Southern College monetary economics students performed all of the statistical analysis for this paper as part of the class. The paper was presented at an economics symposium in April, 2012.
DESCRIPTION ABSTRACT (Teaching/Pedagogy track) Students in many areas of business and economics a... more DESCRIPTION ABSTRACT (Teaching/Pedagogy track) Students in many areas of business and economics are presented the Economic Order Quantity (EOQ) model when learning about inventories and optimization. The model is simple but restrictive, most notably in assuming non-stochastic, continuous, linear demand. When demand restrictions are relaxed, the student is then exposed to the concept of safety stocks used as a buffer to avoid stockouts. He is shown that, facing rising costs of inventories on one hand and costs of shortages on the other, an optimal safety stock can be determined. But then, even under these known cost conditions, the student is shown an inefficient “hunt and peck” method for solving the problem. This paper presents a simple mathematical method to solve directly for optimal probabilities of a stock-out and optimal safety stock.
It has become commonplace for economists to assert that human beings are not fully economically r... more It has become commonplace for economists to assert that human beings are not fully economically rational. Many psychologists and behavioral economists now maintain that economic agents do not reason very well, that these agents often do not know what is good for them and that they behave in odd, non-reasoning, inconsistent ways. Paradoxes and inconsistencies supposedly surface in economic behavior, making agents appear to be unpredictable, but interesting and wonderfully " complex. " In this paper, however, it is argued that economic agents are, in fact, quite rational, are predictable under strict ceteris paribus assumptions, and are much simpler and uninteresting than psychologists and behavioral economists might have us believe. In support of the contention of rationality, Tversky's classic behavioral experiment of irrelevant alternatives is performed again but results are obtained in disagreement with Tversky.
DESCRIPTION The statistics for the sampling variables commonly introduced in undergraduate statis... more DESCRIPTION The statistics for the sampling variables commonly introduced in undergraduate statistics courses sampling distributions, i.e. Z, t, , and F are shown to have surprising interrelationships such that the computed statistics of any particular sampling distribution can be derived from the computed statistics of other related sampling distributions. The interrelationships are shown to hold under one or two population cases. Some of these relationships have been noted before; however, we extend the interrelationships beyond what is normally seen in the pedagogical literature and suggest that these interrelationships could be helpful to students learning intermediate level statistics.
The classical and more recent offshoot textbook Phillips Curve tradeoffs are re-investigated. An ... more The classical and more recent offshoot textbook Phillips Curve tradeoffs are re-investigated. An empirical analysis is done using annualized quarterly data from 1978 – 2009, which once again confirms there is no long run tradeoff between inflation and unemployment. Further, an empirical search for the short run textbook Phillips Curve is undertaken. Not surprisingly, there appears to be no statistically significant relationship between inflation and unemployment – even in the short run – over the past thirty or more years, and this is true whether the relationship is the classical one between inflation rate and unemployment rate; or the original Modigliani-Papademos NAIRU difference between current and lagged inflation rate and the gap between actual and the natural rate of unemployment; or the Friedman-Phelps-Lucas expectations-augmented one between the difference of actual and expected inflation rate and the gap between actual and the natural rate of unemployment. In search of oth...
Thesis (Ph. D.)--University of Cincinnati, 1989. Bibliography: leaves [160]-[170]. Includes abstr... more Thesis (Ph. D.)--University of Cincinnati, 1989. Bibliography: leaves [160]-[170]. Includes abstract.
Running simulations using Microsoft's Excel or other spreadsheet programs is an excellent met... more Running simulations using Microsoft's Excel or other spreadsheet programs is an excellent method for examining the time series effects of macroeconomic phenomena. As students commonly have this tool available to them, it becomes an easy means to get students actively involved in running policy simulations, both in and outside of the classroom. In this paper, various monetary policy models and rules are simulated in Excel to show impulse response functions, the time path differences in: changes in rules, changes in model parameters, changes in aggregate models of the economy, and AD versus AS shocks. Notably, Tinbergen's policy constraint, Friedman's monetary rule, Taylor's monetary rule, Blinder's monetary prescription, and zero-bound policy are examined under varying simulated economic conditions. A comparison of the paper's spreadsheet process to the MoPoS simulation game and to Weber's OCT is made. Although the models and processes here are relatively ...
To obtain ZHRs under very short observation periods and/or poor observing conditions, meteor coun... more To obtain ZHRs under very short observation periods and/or poor observing conditions, meteor counts must be significantly magnified. However, using a large correction factor can lead to substantially uncertain ZHRs. This paper examines the statistical uncertainty that results when large correction factors are applied to poor data. The Poisson distribution used in ZHR calculations is reviewed, concentrating on its significant skew under low raw data conditions. Real structural, asymmetric differences in probability densities between high certainty/high ZHRs and low certainty/high projected ZHRs are shown to exist for the same reported ZHR.
ABSTRACT Responding to continuing discussions in this Journal regarding the importance of regiona... more ABSTRACT Responding to continuing discussions in this Journal regarding the importance of regional money supply and credit, a simple reduced-form regional money supply model is posited and an investigation of real regional money supplies is performed for several states around the country. Hypothesis tests are performed regarding the question of regional financial market segmentation, concluding that segmentation still exists in the United States. The empirical results also imply that interregional trade, presumably via the consequent constraint on regional banks, has at least as much effect on regional money supplies as Federal Reserve policies. These results lend further support for the assertion that regionally available money matters at the local level, and that regional analysis should continue to include regional money and credit as explanatory variables. The implications for policy makers are that: 1) national monetary policy cannot cure regional ills if the problems are manifested in regional industry mixes; and 2) some proposed banking reforms now being debated in Congress, i.e, nationwide branch banking and, particularly, industrial ownership of banks, are suspect. A healthy caution is warranted without more tests of these reforms.
Interest rate targeting rules including inflation-only, Taylor's, and nominal gross domestic prod... more Interest rate targeting rules including inflation-only, Taylor's, and nominal gross domestic product are compared using two models, a standard AD/AS model and a New Consensus Macroeconomic model. All monetary policy rules are employed in simulations covering several different possible policy scenarios and then measured for a proxy for welfare loss, RMSE, the squared deviations from the targeted values and the actual values. The same simulation process is also used to determine the impact when the targeted values are not the same as the market clearing values. The method used here is to have the two different macroeconomic simulation models subjected to those rules and then to make welfare comparisons in order to determine the welfare-saving effectiveness of the rules.
This paper briefly reviews the published arguments and criticisms related to the famous Andersen ... more This paper briefly reviews the published arguments and criticisms related to the famous Andersen – Jordan (1968) St. Louis equation. The improvements and critiques that have evolved over the past forty-five years are outlined and a new set of refinements are offered. Agreeing with Wilkins' (2013) argument for using a lagged dependent variable, a fresh empirical analysis is performed by the author. A new private consumption dependent variable is employed; monetary aggregates rather than monetary base are used, as is total government spending rather than surpluses or deficits, although those are also run for comparison. Endogeneities are fleshed out by adding unemployment and inflation gap variables. Ultimately, the results here show no empirical support for aggregate demand management, either fiscal or monetary, effectively altering private consumption.
Celebrating the fiftieth anniversary of Friedman – Meiselman's (1963) empirical answer to the eff... more Celebrating the fiftieth anniversary of Friedman – Meiselman's (1963) empirical answer to the efficacy of monetary and fiscal policies, this paper chronologically surveys twenty-four papers that have been an integral part of the debate over the reduced form, single equation approach that was started by Friedman and Meiselman's 1963 study. Many of the arguments and criticisms related to the Friedman – Meiselman equation and its famous progeny, the Andersen – Jordan (1968) St. Louis equation are reviewed. Indeed, nowadays few economists even speak of the Friedman and Meiselman approach, it having been long ago usurped by Andersen – Jordan; however, Friedman and Meiselman were the pioneers of the single-equation test and it is their seminal approach and anniversary that is acknowledged here.
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