From: John Conover <john@email.johncon.com>
Subject: Re: Friedman VS Keyneslan
Date: 22 May 1999 17:22:11 -0000
Robert Vienneau writes:
>
> Anyways, is the question between monetarism and "Keynesianism" an
> empirical dispute over the relative sizes of slopes of curves in
> the IS-LM model?
>
Hi Robert. At:
http://www.johncon.com/john/correspondence/990215192020.29398.html
is a graph of the run lengths of US GDP's expansions and contractions,
at two scales-quarterly, and annually. Both graphs are overlayed, with
a third graph, erf (1 / sqrt (t)).
It would appear that the US GDP is a self similar/affine fractal with
a fractal dimension near 0.5, ie., approximately, random walk.
How can the paradigms of monetarism and/or Keynesianism be reconciled
with something that appears to be produced by a random mechanism?
John
--
John Conover, john@email.johncon.com, http://www.johncon.com/