Standard explanations of the bivariate correlation of money and income attribute this correlation to an inability of agents to discriminate in the short run between real and nominal sources of price s
Our dataset is quarterly. Employment rate series come from the U.S. Bureau of Labour Statistics as one minus the unemployment rate and are available from 1948Q2 to 2016Q4. The wage-share was computed
This note demonstrates that Bennett McCallum's recent critique of low frequency estimates of macro-economic relationships is of little empirical significance. It also demonstrates that readily availab
