UID:
almafu_9958084342302883
Format:
1 online resource (37 pages)
ISBN:
9786613794833
,
9781462341894
,
1462341896
,
9781455227310
,
1455227315
,
9781281993700
,
1281993700
,
9781455290765
,
1455290769
Series Statement:
IMF Working Papers
Content:
This paper examines the comovement of prices with the cyclical component of output. It argues that determining the cyclical behavior of prices by applying the same stationarity-inducing transformation to the levels of both output and prices, and examining the correlations of the resulting series, can be misleading. A more appropriate procedure is to examine the correlations between the rate of inflation and the level of the cyclical component of output. In post-war U.S. data the correlations between similarly transformed price and output data are consistently and often strongly negative, as reported recently by a number of authors as evidence of countercyclical price behavior. The rate of inflation, however, is consistently and usually strongly positively correlated with various measures of the cyclical component of output.
Note:
Bibliographic Level Mode of Issuance: Monograph
,
English
Additional Edition:
ISBN 9781451851076
Additional Edition:
ISBN 1451851073
Language:
English
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