William E. Cullison
Abstract
The performance of monetarist ‘reduced form’ models in the period following the 1975 tax cut is…damaging to the credibility of such models. One who adhered to the simple quantity theory form of monetarism embodied in these specifications would not have predicted the sharp recovery in nominal income that followed the tax cut (p. 625).
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The performance of monetarist ‘reduced form’ models in the period following the 1975 tax cut is…damaging to the credibility of such models. One who adhered to the simple quantity theory form of monetarism embodied in these specifications would not have predicted the sharp recovery in nominal income that followed the tax cut (p. 625).
Key concepts: Monetarism, Economics, Keynesian economics, Macroeconomics, Econometric model, Simple (philosophy), Credibility, Monetary economics