zum Inhalt wechseln
Relative goods' prices and pure inflation Titelvorschau
SchließenTitelvorschau
Prüfung…

Relative goods' prices and pure inflation

Verfasser/in: Ricardo Reis; Mark W Watson; National Bureau of Economic Research.
Verlag: Cambridge, Mass. : National Bureau of Economic Research, 2007.
Serien: Working paper series (National Bureau of Economic Research), no. 13615.
Ausgabe/Format   E-Book : Dokument : EnglischAlle Ausgaben und Formate anzeigen
Datenbank:WorldCat
Zusammenfassung:
This paper uses a dynamic factor model for the quarterly changes in consumption goods' prices to separate them into three components: idiosyncratic relative-price changes, aggregate relative-price changes, and changes in the unit of account. The model identifies a measure of "pure" inflation: the common component in goods' inflation rates that has an equiproportional effect on all prices and is uncorrelated with  Weiterlesen…
Bewertung:

(noch nicht bewertet) 0 mit Rezensionen - Verfassen Sie als Erste eine Rezension.

Themen
Ähnliche Titel

 

Online anzeigen

Links zu diesem Titel

Exemplar ausleihen

&AllPage.SpinnerRetrieving; Suche nach Bibliotheken, die diesen Titel besitzen ...

Details

Medientyp: Dokument, Internetquelle
Dokumenttyp: Internet-Ressource, Computer-Datei
Alle Autoren: Ricardo Reis; Mark W Watson; National Bureau of Economic Research.
OCLC-Nummer: 182544971
Beschreibung: 1 online resource (1 v.)
Serientitel: Working paper series (National Bureau of Economic Research), no. 13615.
Verfasserangabe: Ricardo Reis, Mark W. Watson.

Abstract:

This paper uses a dynamic factor model for the quarterly changes in consumption goods' prices to separate them into three components: idiosyncratic relative-price changes, aggregate relative-price changes, and changes in the unit of account. The model identifies a measure of "pure" inflation: the common component in goods' inflation rates that has an equiproportional effect on all prices and is uncorrelated with relative price changes at all dates. The estimates of pure inflation and of the aggregate relative-price components allow us to re-examine three classic macro-correlations. First, we find that pure inflation accounts for 15-20% of the variability in overall inflation, so that most changes in inflation are associated with changes in goods' relative prices. Second, we find that the Phillips correlation between inflation and measures of real activity essentially disappears once we control for goods' relative-price changes. Third, we find that, at business-cycle frequencies, the correlation between inflation and money is close to zero, while the correlation with nominal interest rates is around 0.5, confirming previous findings on the link between monetary policy and inflation.

Rezensionen

Nutzer-Rezensionen
Suche nach GoodReads-Rezensionen
Suche nach DOGObooks-Rezensionen…

Tags

Tragen Sie als Erste Tags ein.
Anfrage bestätigen

Sie haben diesen Titel bereits angefordert. Wenn Sie trotzdem fortfahren möchten, klicken Sie auf OK.

Verlinkung


<http://www.worldcat.org/oclc/182544971>
library:oclcnum"182544971"
library:placeOfPublication
library:placeOfPublication
owl:sameAs<info:oclcnum/182544971>
rdf:typeschema:Book
schema:about
schema:about
schema:about
schema:bookFormatschema:EBook
schema:contributor
schema:contributor
schema:creator
schema:datePublished"2007"
schema:description"This paper uses a dynamic factor model for the quarterly changes in consumption goods' prices to separate them into three components: idiosyncratic relative-price changes, aggregate relative-price changes, and changes in the unit of account. The model identifies a measure of "pure" inflation: the common component in goods' inflation rates that has an equiproportional effect on all prices and is uncorrelated with relative price changes at all dates. The estimates of pure inflation and of the aggregate relative-price components allow us to re-examine three classic macro-correlations. First, we find that pure inflation accounts for 15-20% of the variability in overall inflation, so that most changes in inflation are associated with changes in goods' relative prices. Second, we find that the Phillips correlation between inflation and measures of real activity essentially disappears once we control for goods' relative-price changes. Third, we find that, at business-cycle frequencies, the correlation between inflation and money is close to zero, while the correlation with nominal interest rates is around 0.5, confirming previous findings on the link between monetary policy and inflation."@en
schema:exampleOfWork<http://worldcat.org/entity/work/id/200152633>
schema:inLanguage"en"
schema:name"Relative goods' prices and pure inflation"@en
schema:publisher
schema:url
schema:url<http://papers.nber.org/papers/w13615>

Content-negotiable representations

Fenster schließen

Bitte in WorldCat einloggen 

Sie haben kein Konto? Sie können sehr einfach ein kostenloses Konto anlegen,.