أعرض تسجيلة المادة بشكل مبسط

dc.creator Fair, Ray C.
dc.date 2007
dc.date.accessioned 2013-10-16T06:57:06Z
dc.date.available 2013-10-16T06:57:06Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/17858
dc.identifier ppn:534876862
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/17858
dc.description How inflation and unemployment are related in both the short run and long run is perhaps the key question in macroeconomics. This paper tests various price equations using quarterly U.S. data from 1952 to the present. Issues treated are the following. 1) Estimating price and wage equations in which wages affect prices and vice versa versus estimating "reduced form" price equations with no wage explanatory variables. 2) Estimating price equations in (log) level terms, first difference (i.e., inflation) terms, and second difference (i.e., change in inflation) terms. 3) The treatment of expectations. 4) The choice and functional form of the demand variable. 5) The choice of the cost-shock variable. The results reject the use of rational expectations and suggest that the best specification is a price equation in level terms imbedded in a price-wage model, where the wage equation is also in level terms. The best cost-shock variable is the import price deflator, and the best demand variable is the unemployment rate. There is some evidence of a nonlinear effect of the unemployment rate on the price level at low values of the unemployment rate. Many of the results in this paper are contrary to common views in the literature, but the empirical support for them is strong.
dc.language eng
dc.publisher Kiel Institute for the World Economy (IfW) Kiel
dc.relation Kieler Arbeitspapiere 1342
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject ddc:330
dc.title Testing Price Equations
dc.type doc-type:workingPaper


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أعرض تسجيلة المادة بشكل مبسط