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dc.contributor.advisorChairperson, Graduate Committee: Douglas J. Young.en
dc.contributor.authorKasperick, John P.en
dc.coverage.spatialUnited Statesen
dc.date.accessioned2013-06-25T18:37:48Z
dc.date.available2013-06-25T18:37:48Z
dc.date.issued1991en
dc.identifier.urihttps://scholarworks.montana.edu/xmlui/handle/1/1613en
dc.description.abstractThis thesis examines the effects of output price surprises, energy price surprises, and money surprises on aggregate real economic activity for the years 1948-1988. Three measures of real activity are utilized; the unemployment rate, the log value of output, and the log value of private employment. Both M1 and M2 definitions of money are employed. Model 1 is first developed, which is a replication of Gray and Spencer's 1990 study. From this a reexamination of the empirical role of output price surprises, energy price surprises, and a natural rate measure in determining the level of real aggregate activity is undertaken. Next, Model 2 is developed which includes money surprises along with the various other independent variables in determining real economic activity. Non-linear three stage least squares is the estimation technique employed in estimation of both models. We find that output price surprises are positively and significantly correlated with aggregate real economic activity. Energy price surprises are insignificant in determining real activity. Money surprises, when included with the other explanatory variables, are found to have no direct effect on real activity but operate indirectly through prices. Finally, not much variation in unemployment is explained by the variables of interest.en
dc.language.isoenen
dc.publisherMontana State University - Bozeman, College of Agricultureen
dc.subject.lcshBusiness cyclesen
dc.subject.lcshPricesen
dc.subject.lcshMoneyen
dc.subject.lcshPetroleumen
dc.subject.lcshEnergy industriesen
dc.subject.lcshMarketingen
dc.subject.lcshEconometric modelsen
dc.titlePrices, money and the real economyen
dc.typeThesisen
dc.rights.holderCopyright 1991 by John P. Kaspericken
thesis.catalog.ckey95796en
thesis.degree.committeemembersMembers, Graduate Committee: Joseph Atwood; Michael Kehoe; Vincent H. Smithen
thesis.degree.departmentAgricultural Economics & Economics.en
thesis.degree.genreThesisen
thesis.degree.nameMSen
thesis.format.extentfirstpage1en
thesis.format.extentlastpage80en
mus.relation.departmentAgricultural Economics & Economics.en_US
mus.data.thumbpage35en


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