TY  - JOUR
AU  - Summers,Lawrence H.
TI  - Estimating the Long-Run Relationship Between Interest Rates and         Inflation:  A Response to McCallum
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 1448
PY  - 1990
Y2  - April 1990
UR  - http://www.nber.org/papers/w1448
L1  - http://www.nber.org/papers/w1448.pdf
N1  - Author contact info:
Lawrence H. Summers
Harvard Kennedy School of Government
79 JFK Street
Cambridge, MA 02138
Tel: 617/495-9322
Fax: 617/495-0436
E-Mail: lhs@harvard.edu
AB  - 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 available and frequently used techniques can be used to diagnose the problem McCallum raises. Finally, it shows that the standard critique of expectational distributed lags is not warranted once the role of learning by economic agents is recognized.
ER  -