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Author : Geoffrey Hoyt Moore
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (327 download)
Download or read book The Cyclical Behavior of Prices written by Geoffrey Hoyt Moore and published by . This book was released on 1971 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Bankim Chadha
Publisher : International Monetary Fund
ISBN 13 : 1451851073
Total Pages : 44 pages
Book Rating : 4.4/5 (518 download)
Download or read book Are Prices Countercyclical? written by Mr.Bankim Chadha and published by International Monetary Fund. This book was released on 1992-10-01 with total page 44 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 : 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 : 1451851472
Total Pages : 28 pages
Book Rating : 4.4/5 (518 download)
Download or read book Are Prices Countercyclical? Evidence From the G-7 written by Mr.Bankim Chadha and published by International Monetary Fund. This book was released on 1994-08-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Mr.Olivier Coibion
Publisher : International Monetary Fund
ISBN 13 : 1475505574
Total Pages : 75 pages
Book Rating : 4.4/5 (755 download)
Download or read book The Cyclicality of Sales, Regular and Effective Prices written by Mr.Olivier Coibion and published by International Monetary Fund. This book was released on 2012-08-01 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the cyclical properties of sales, regular price changes and average prices paid by consumers ("effective" prices) in a dataset containing prices and quantities sold for numerous retailers across a variety of U.S. metropolitan areas. Both the frequency and size of sales fall when local unemployment rates rise and yet the inflation rate for effective prices paid by consumers declines significantly with higher unemployment. This discrepancy can be reconciled by consumers reallocating their expenditures across retailers, a feature of the data which we document and quantify. We propose a simple model with household shopping effort and store-switching consistent with these stylized facts and document its implications for business cycles and policymakers.
Author : Kathleen Ann Pulling
Publisher :
ISBN 13 :
Total Pages : 514 pages
Book Rating : 4.3/5 (121 download)
Download or read book Market Structure and the Cyclical Behavior of Prices and Profits, 1949-1975 written by Kathleen Ann Pulling and published by . This book was released on 1977 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert J. Gordon
Publisher : University of Chicago Press
ISBN 13 : 0226304590
Total Pages : 882 pages
Book Rating : 4.2/5 (263 download)
Download or read book The American Business Cycle written by Robert J. Gordon and published by University of Chicago Press. This book was released on 2007-11-01 with total page 882 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent decades the American economy has experienced the worst peace-time inflation in its history and the highest unemployment rate since the Great Depression. These circumstances have prompted renewed interest in the concept of business cycles, which Joseph Schumpeter suggested are "like the beat of the heart, of the essence of the organism that displays them." In The American Business Cycle, some of the most prominent macroeconomics in the United States focuses on the questions, To what extent are business cycles propelled by external shocks? How have post-1946 cycles differed from earlier cycles? And, what are the major factors that contribute to business cycles? They extend their investigation in some areas as far back as 1875 to afford a deeper understanding of both economic history and the most recent economic fluctuations. Seven papers address specific aspects of economic activity: consumption, investment, inventory change, fiscal policy, monetary behavior, open economy, and the labor market. Five papers focus on aggregate economic activity. In a number of cases, the papers present findings that challenge widely accepted models and assumptions. In addition to its substantive findings, The American Business Cycle includes an appendix containing both the first published history of the NBER business-cycle dating chronology and many previously unpublished historical data series.
Author : Mark Bils
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.3/5 ( download)
Download or read book Cyclical Pricing of Durable Goods written by Mark Bils and published by . This book was released on 1989 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: I examine price markups in monopolisticly-competitive markets that experience fluctuations in demand because the economy experiences cyclical fluctuations in productivity. Markups depend positively on the average income of purchasers in the market. For a nondurable good average income of purchasers is procyclical; so the markup is procyclical. For a durable good. however. the average income of purchasers is likely to decrease in booms because low income consumers of the good concentrate their purchases in boom periods; so the markup is likely countercyclical. This is particularly true for growing markets. I find markups make the aggregate economy fluctuate more in response to productivity if goods are sufficiently durable.
Author : Nir Klein
Publisher : International Monetary Fund
ISBN 13 : 1463902158
Total Pages : 24 pages
Book Rating : 4.4/5 (639 download)
Download or read book South Africa written by Nir Klein and published by International Monetary Fund. This book was released on 2011-08-01 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study looks at the cyclical behavior of the markups and assesses its impact on inflation dynamics. The analysis finds that the aggregate level of the private sector's markup is relatively high, thus pointing to the lack of strong competition in South Africa's product markets. Additionally, the results suggest that the markups tend to move in a countercyclical manner, with a short-term positive impact on inflation. This implies that the countercyclical pattern of the markups is one factor among others that contribute to the relatively weak output gap-inflation co-movement. In the context of South Africa's inflation targeting framework, the counter-cyclical markups may also generate an asymmetric response of monetary policy to the fluctuations in economic activity.
Author : Reuben A. Kessel
Publisher :
ISBN 13 :
Total Pages : 132 pages
Book Rating : 4.3/5 (97 download)
Download or read book The Cyclical Behavior of the Term Structure of Interest Rates written by Reuben A. Kessel and published by . This book was released on 1965 with total page 132 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 : Ms.Valerie Cerra
Publisher : International Monetary Fund
ISBN 13 : 1513536990
Total Pages : 50 pages
Book Rating : 4.5/5 (135 download)
Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Author : Howard Marks
Publisher : HarperCollins
ISBN 13 : 1328480569
Total Pages : 339 pages
Book Rating : 4.3/5 (284 download)
Download or read book Mastering The Market Cycle written by Howard Marks and published by HarperCollins. This book was released on 2018-10-02 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: A NEW YORK TIMES, WALL STREET JOURNAL, AND USA TODAY BESTSELLER The legendary investor shows how to identify and master the cycles that govern the markets. We all know markets rise and fall, but when should you pull out, and when should you stay in? The answer is never black or white, but is best reached through a keen understanding of the reasons behind the rhythm of cycles. Confidence about where we are in a cycle comes when you learn the patterns of ups and downs that influence not just economics, markets, and companies, but also human psychology and the investing behaviors that result. If you study past cycles, understand their origins and remain alert for the next one, you will become keenly attuned to the investment environment as it changes. You’ll be aware and prepared while others get blindsided by unexpected events or fall victim to emotions like fear and greed. By following Marks’s insights—drawn in part from his iconic memos over the years to Oaktree’s clients—you can master these recurring patterns to have the opportunity to improve your results.
Author :
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (319 download)
Download or read book Employment Cost Index and Employee Benefits Survey written by and published by . This book was released on 1995 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Edgar Lawrence Smith
Publisher :
ISBN 13 :
Total Pages : 232 pages
Book Rating : 4.:/5 (8 download)
Download or read book Common Stocks and Business Cycles written by Edgar Lawrence Smith and published by . This book was released on 1959 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Cristina Constantinescu
Publisher : International Monetary Fund
ISBN 13 : 1498399134
Total Pages : 44 pages
Book Rating : 4.4/5 (983 download)
Download or read book The Global Trade Slowdown written by Cristina Constantinescu and published by International Monetary Fund. This book was released on 2015-01-21 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the sluggish growth of world trade relative to income growth in recent years. The analysis uses an empirical strategy based on an error correction model to assess whether the global trade slowdown is structural or cyclical. An estimate of the relationship between trade and income in the past four decades reveals that the long-term trade elasticity rose sharply in the 1990s, but declined significantly in the 2000s even before the global financial crisis. These results suggest that trade is growing slowly not only because of slow growth of Gross Domestic Product (GDP), but also because of a structural change in the trade-GDP relationship in recent years. The available evidence suggests that the explanation may lie in the slowing pace of international vertical specialization rather than increasing protection or the changing composition of trade and GDP.
Author : Milton Friedman
Publisher : Walter de Gruyter GmbH & Co KG
ISBN 13 : 3112417526
Total Pages : 368 pages
Book Rating : 4.1/5 (124 download)
Download or read book Price Theory written by Milton Friedman and published by Walter de Gruyter GmbH & Co KG. This book was released on 2021-03-22 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:
