Empirical estimates of the short-run aggregate supply and demand curves for the post-war U.S. economy. From: Southern Economic Journal | Date: April 1, 1996| Author: Gamber, Edward N. | COPYRIGHT 1996 Southern Economic Association. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

A structural vector autoregression model is used to estimate the short-run aggregate supply and demand curve for U.S. economy after the war. The model indicates that aggregate supply's effects on inflation and output were caused by shocks induced by oil prices while the effects of aggregate demand were partly caused by restrictive monetary policies. The model used aggregate output and prices instead of output growth and unemployment which were used in another model by Blanchard and Quah.

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