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By explicitly treating the Keynes effect we derive a general expression for the employment\u2010money supply elasticity, and draw the IS\u2010LM loci in the employment\u2010interest rate space<\/jats:p><jats:p>Our empirical specification allows for short\u2010run disequilibrium dynamic adjustments around the static long\u2010run relations predicted by the theoretical model. By careful use of our specification search strategy we obtain a statistically sound econometric model, which exhibits sensible long\u2010run properties. A remarkable finding implied by our estimates is that equilibrium unemployment is negatively affected by both money supply and incomes policy.<\/jats:p>","DOI":"10.1002\/jae.3950030102","type":"journal-article","created":{"date-parts":[[2007,7,12]],"date-time":"2007-07-12T14:11:13Z","timestamp":1184249473000},"page":"1-33","source":"Crossref","is-referenced-by-count":7,"title":["A keynesian macro\u2010econometric model of the UK: 1955\u20131984"],"prefix":"10.1002","volume":"3","author":[{"given":"Meghnad","family":"Desai","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Guglielmo","family":"Weber","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"311","published-online":{"date-parts":[[2006,11,7]]},"reference":[{"key":"e_1_2_1_2_1","unstructured":"Blake D. P. C.(1982) \u2018NONDIF programme documentation\u2019. 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