ON THE ROBUSTNESS OF BARRO NEW CLASSICAL UNEMPLOYMENT MODEL
UNSPECIFIED (1993) ON THE ROBUSTNESS OF BARRO NEW CLASSICAL UNEMPLOYMENT MODEL. APPLIED ECONOMICS, 25 (3). pp. 349-360. ISSN 0003-6846Full text not available from this repository.
In this paper the robustness of Barro's new classical model of unemployment is examined using both two- and three-equation systems, to various sample periods and methods of estimation. The methods of estimation used are two-step OLS, two-step OLS with correct standard errors using the same and different numbers of observations for the expectations and structural equations, full information maximum likelihood, and four novel variants of the computationally intensive parametric bootstrap method. Not surprisingly, the empirical results for Barro's model change according to the sample period chosen, the different methods of estimation, and the different ways of computing the covariance matrix for purposes of inference. However, the empirical results and inferences are generally robust to variations in any or all of these options.
|Item Type:||Journal Article|
|Subjects:||H Social Sciences > HC Economic History and Conditions|
|Journal or Publication Title:||APPLIED ECONOMICS|
|Number of Pages:||12|
|Page Range:||pp. 349-360|
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