ARE PRICES COUNTERCYCLICAL - EVIDENCE FROM THE G-7

• 成果类型: Article
• 署名作者: CHADHA, B; PRASAD, E
• 署名单位: International Monetary Fund
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(94)90051-5
• 发表日期: 1994
• 页码: 239-257
• 关键词: business cycles; inflation; prices

摘要

This paper re-examines the cyclical behavior of prices using postwar quarterly data for the G-7. We confirm recent evidence that the price level is countercyclical. However, we find strong evidence that the inflation rate is procyclical in our sample. Our results show the importance of making a clear distinction between inflation and the cyclical component of the price level when reporting and interpreting stylized facts regarding business cycles.