Relative price variability and inflation: Evidence from US cities

• 成果类型: Article
• 署名作者: Debelle, G; Lamont, O
• 署名单位: University of Chicago; National Bureau of Economic Research
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/262068
• 发表日期: 1997
• 页码: 132-152
• 关键词: consistent covariance-matrix; adjustment; heteroskedasticity; dispersion

摘要

We test whether the time-series positive correlation of inflation and intermarket relative price variability is also present in a cross section of U.S. cities. We find this correlation to be a robust empirical regularity: cities that have higher than average inflation also have higher than average relative price dispersion, ceteris paribus. This result holds for different periods of time, for different classes of goods, and across different time horizons. Our results suggest that at least part of the relationship between inflation and relative price variability cannot be explained by monetary factors.