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Author : Eric P. Bettinger
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (776 download)
Download or read book Modeling the Cyclical Behavior of Prices written by Eric P. Bettinger and published by . This book was released on 1996 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Xue Li
Publisher :
ISBN 13 :
Total Pages : 128 pages
Book Rating : 4.:/5 (973 download)
Download or read book The Cyclical Behavior of Prices and Inflation written by Xue Li and published by . This book was released on 2015 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper documents business cycle facts of prices and the inflation rate for the United States from 1959:Q1 to 2013:Q3. Prices are countercyclical and the inflation rate is procyclical. In addition, prices lead the overall cycle by two quarters and the inflation rate lags the overall cycle by three quarters. To account for the observed cyclical behavior, two models are applied and extended including a business cycle model with endogenous money supply (Freeman and Huffman 1991) and a DSGE model with sticky prices (Ireland 2003). The former model only generates countercyclical prices but not procyclical inflation or the phase shift of prices relative to the overall cycle. For the latter model, its sticky-price version captures all the observed cyclical facts; whereas its flexible-price version fails to capture the procyclical behavior of inflation and the phase shift of prices relative to output. Better performance of the sticky-price model indicates that nominal rigidity can account for the cyclical behavior of prices and inflation. Thus, a powerful empirical business cycle model should incorporate a reasonable degree of price stickiness.
Author : Bert G. Hickman
Publisher :
ISBN 13 :
Total Pages : 624 pages
Book Rating : 4.3/5 (512 download)
Download or read book Econometric Models of Cyclical Behavior written by Bert G. Hickman and published by . This book was released on 1972 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conference report on dynamically stable econometrics models of business cycles in the USA and their forecasting properties - examines methodologycal problems, analyses stochastic and non-stochastic simulations in respect of economic policy, etc., and stresses the need for further studies and research. Diagrams, references and statistical tables. Conference held in Cambridge 1969 November 14 and 15.
Author : John P. Judd
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Cyclical Behavior of Prices written by John P. Judd and published by . This book was released on 1993 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Julio Rotemberg
Publisher :
ISBN 13 :
Total Pages : 128 pages
Book Rating : 4.3/5 (243 download)
Download or read book The Cyclical Behavior of Prices and Costs written by Julio Rotemberg and published by . This book was released on 1999 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Christopher J. Nekarda
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (851 download)
Download or read book The Cyclical Behavior of the Price-Cost Markup written by Christopher J. Nekarda and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A countercyclical markup of price over marginal cost is the key transmission mechanism for demand shocks in textbook New Keynesian (NK) models. This paper re-examines the foundation of those models. We study the cyclicality of markups in the private economy as well as in detailed manufacturing industries. First, we show that frameworks for measuring markups that have produced the strongest evidence for countercyclicality produce the opposite result when we substitute new methods and data. Second, because the NK model's predictions differ by the nature of the shock, we present evidence on the cyclicality of the markup conditional on various types of shocks. Consistent with the NK model, we find that markups are procyclical conditional on a technology shock. However, we find that they are either procyclical or acyclical conditional on demand shocks. Thus, the textbook NK explanation for the effects of government spending or monetary policy is not supported by the behavior of the markup.
Author : Bert G. Hickman
Publisher :
ISBN 13 :
Total Pages : 672 pages
Book Rating : 4.:/5 (56 download)
Download or read book Econometric Models of Cyclical Behavior written by Bert G. Hickman and published by . This book was released on 1937 with total page 672 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Julio Rotemberg
Publisher :
ISBN 13 :
Total Pages : 107 pages
Book Rating : 4.:/5 (397 download)
Download or read book The Cyclical Behavior of Price and Costs written by Julio Rotemberg and published by . This book was released on 1998 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: Because inputs are scarce, marginal cost is an increasing function of output. Diminishing returns, costs of increasing employment as well as the increasing marginal disutility of working when hours worked and effort rise all contribute to make this function steep. Without changes in this function relating marginal cost to output, aggregate output can vary if and only if the markup of price to marginal cost (the inverse of real marginal cost for typical firms) varies. We first study whether, empirically, real marginal cost does rise in cyclical expansions. Average real labor cost is not very pro-cyclical but, for several reasons, marginal labor cost is more procyclical than average labor cost. These include the presence of overhead labor and adjustment costs as well as differences between the marginal and average wage. These corrections results in procyclical measures of real marginal cost. Measures of marginal costs based on materials costs and inventories also appear procyclical. We show that these procyclical movements in marginal cost may, depending on how costs are modeled, account for a substantial fraction of cyclical output movements. Finally, we survey models of variable markups. These include both models of sticky prices (in which markups vary because firms cannot all costlessly charge the markup they desire) and models in which firms' desired markup varies over time. This set of models allows a rich set of variables to affect output even if these variables do not shift the marginal cost schedule.
Author : Social Science Research Council (U.S.). Committee on Economic Stability
Publisher :
ISBN 13 : 9780870142574
Total Pages : 688 pages
Book Rating : 4.1/5 (425 download)
Download or read book Econometric Models of Cyclical Behavior written by Social Science Research Council (U.S.). Committee on Economic Stability and published by . This book was released on 1972 with total page 688 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conference report on dynamically stable econometrics models of business cycles in the USA and their forecasting properties - examines methodologycal problems, analyses stochastic and non-stochastic simulations in respect of economic policy, etc., and stresses the need for further studies and research. Diagrams, references and statistical tables. Conference held in Cambridge 1969 November 14 and 15.
Author : Conference On Econometric Models Of Cyclical Behavior: [1969. Cambridge, Mass., U.S.A.].
Publisher :
ISBN 13 :
Total Pages : 1246 pages
Book Rating : 4.:/5 (462 download)
Download or read book Econometric models of cyclical behavior... written by Conference On Econometric Models Of Cyclical Behavior: [1969. Cambridge, Mass., U.S.A.]. and published by . This book was released on 1972 with total page 1246 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Paul Beaudry
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (891 download)
Download or read book Reexamining the Cyclical Behavior of the Relative Price of Investment written by Paul Beaudry and published by . This book was released on 2014 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Mr.Bankim Chadha
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (318 download)
Download or read book Are Prices Countercyclical? written by Mr.Bankim Chadha and published by International Monetary Fund. This book was released on 1992-10 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Bert G. Hickman
Publisher :
ISBN 13 :
Total Pages : 624 pages
Book Rating : 4.:/5 (56 download)
Download or read book Econometric Models of Cyclical Behavior written by Bert G. Hickman and published by . This book was released on 1937 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Olivier J. Blanchard
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.3/5 ( download)
Download or read book Cyclical Behavior of Prices and Quantities in the Automobile Market written by Olivier J. Blanchard and published by . This book was released on 1984 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper has a simple goal, that of understanding the joint behaviorof prices and quantities in a particular market. More precisely, it examines whether we can find decision problems for suppliers and buyers, together with a market equilibrium structure, which are consistent with the observed price and quantity time series. Because of the relative homogeneity of the product, of the size of the market, end of the quality of the data, the market chosen is the automobile market. The first conclusion we reach is that this goal is difficult to achieve. The behavior of prices appears inconsistent with simple -- competitive, monopolistically competitive or monopolistic -- market structures. Prices appear, in a well defined sense, to be too "sticky". We then consider potentiail explanations and extensions. None appears completely satisfactory. In particular, the introduction of costs of changing prices does not seem able to explain the joint behavior of prices and quantities
Author : Imad A. Moosa
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Cyclical Behaviour of Prices in the U.K written by Imad A. Moosa and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : William A. Brock
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)
Download or read book On Understanding the Cyclical Behavior of the Price Level and Inflation written by William A. Brock and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 646 pages
Book Rating : 4.:/5 (119 download)
Download or read book ECONOMETRIC MODELS OF CYCLICAL BEHAVIOR. VOL. II written by and published by . This book was released on 1972 with total page 646 pages. Available in PDF, EPUB and Kindle. Book excerpt:
