Author: Thomas F. CooleyPublisher:
ISBN:
Category :
Languages : en
Pages : 24
Book Description
The Cyclical Behavior of Prices
Author: Thomas F. CooleyThe Cyclical Behavior of Prices: Interpreting the Evidence
Author: John P. JuddThe Cyclical Behavior [behaviour] of Prices
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Author: Geoffrey Hoyt MooreModeling the Cyclical Behavior of Prices
Author: Eric P. BettingerPublisher:
ISBN:
Category : Business cycles
Languages : en
Pages :
Book Description
Reexamining the Cyclical Behavior of the Relative Price of Investment
Author: Paul BeaudryPublisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 31
Book Description
We document the cyclical behavior of several measures of the relative price of investment goods for the U.S. economy over the last fifty years. Our main result is that there is no robust evidence that this relative price is countercyclical in the data. Furthermore, for the recent (post-Volcker) period, the relative price of investment appears predominantly procyclical. When looking at more disaggregated series, most measures are procyclical, a few acyclical, and only the price of equipment is countercyclical for some periods and measures. The procyclical behavior of the relative price of aggregate investment is also found for the six other countries of the G7.
The Cyclical Behavior of Prices and Costs
Author: Julio RotembergPublisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 128
Book Description
Because inputs are scarce, marginal cost should be an increasing function of output. Without changes in this real marginal cost schedule, aggregate output can vary if and only if the markup of price over marginal cost varies. In this review, we discuss the extent to which observed fluctuations in aggregate economic activity depend upon such variations in average markups. We first study whether, empirically, real marginal cost rises in cyclical expansions. Average real labor cost is not very procyclical, but, for reasons such as overhead labor and adjustment costs, marginal labor cost should be more procyclical. Measures of marginal cost based on materials costs and inventories also appear procyclical. We next show that countercyclical markup variation may, depending upon how costs are modeled, account for a substantial fraction of cyclical output movements. We also show that the observed procyclical variations in productivity and profits are consistent with the hypothesis that cyclical variations in output are primarily due to markup variations than to shifts in the real marginal cost schedule. Finally, we survey theories of endogenous markup variation. These include both models of sticky and models in which firms' desired markup varies over time.
Cyclical Behavior of Wholesale Prices, 1947-1959
Author: Thomas Hale PendletonPublisher:
ISBN:
Category :
Languages : en
Pages : 178
Book Description
The Cyclical Behavior of Prices and Relative Prices
Author: George K. DavisPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Price and output shock correlations provide information concerning macroeconomic shocks. Previous research generally finds small or negative correlations between real gross domestic product (GDP) and GDP deflator shocks but positive correlations between industrial production (IP) and consumer price index (CPI) shocks at short forecast horizons. We show that mismatched price and output correlations may have different magnitudes or signs than matched pairs. Matched and mismatched correlations between disaggregated prices and output from the GDP accounts indicate the procyclical price of nondurables to durables makes correlations between mismatches misleading. Thus, there is reason to be skeptical of results based on IP and the CPI.
The Cyclical Behaviour of Prices in the U.K
Author: Imad A. MoosaPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
The cyclical behaviour of prices in the U.K. is investigated using a sample of annual observations covering the period 1886 1993. A structural time series model relating consumer prices to output is estimated over four sub-periods. The results indicate that prices were procyclical in the inter-war period, countercyclical in the post-1973 period and acyclical otherwise. The proposition that the cyclical behaviour of prices is determined by the dominance of supply or demand shocks alone is disputed on the basis of empirical evidence and theoretical reasoning. It is concluded that the cyclical behaviour of prices cannot be explained just by analysing time series on output and prices and that due attention should be changes occurring during the period under study. It is demonstrated that the empirical results are consistent with the events experienced by the U.K. economy in the most recent period.
Author: Walter C. Labys