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Article
Publication date: 1 January 1982

MICHAEL HOLLIHAN

The literature concerning the subject of inflation and relative prices has been growing so fast in the last few years that a review in chronological order allows for a…

Abstract

The literature concerning the subject of inflation and relative prices has been growing so fast in the last few years that a review in chronological order allows for a greater understanding of the subject. This approach is taken here.

Details

Studies in Economics and Finance, vol. 6 no. 1
Type: Research Article
ISSN: 1086-7376

Article
Publication date: 27 September 2011

A. Nazif Çatik, Christopher Martin and A. Özlem Onder

Using data from Turkey, this paper seeks to investigate whether relative price changes can help to explain the Phillips Curve relationship between inflation and output.

Abstract

Purpose

Using data from Turkey, this paper seeks to investigate whether relative price changes can help to explain the Phillips Curve relationship between inflation and output.

Design/methodology/approach

Building on work by Ball and Mankiw, the paper includes measures of the variance and skews of relative price adjustment in an otherwise standard model of the Phillips Curve. It employs a bounds‐testing approach based on an ARDL model to establish long‐run relationships. It then uses error correction models to analyze short‐run dynamics.

Findings

No evidence was found for a long‐run relationship between inflation and output. However, a long‐run relationship is in fact found, once the variance and skew of relative price changes are included as regressors. The error correction model implies plausible short‐term dynamics in this case.

Originality/value

This paper combines two distinct literatures, on the Phillips Curve and on the distribution of relative price changes, showing that insights from the latter can be essential in constructing coherent models of the Philips Curve.

Details

Journal of Economic Studies, vol. 38 no. 5
Type: Research Article
ISSN: 0144-3585

Keywords

Abstract

Details

International Comparisons of Prices, Output and Productivity
Type: Book
ISBN: 978-1-84950-865-0

Article
Publication date: 1 January 1985

Yehoshua Liebermann

Currently, inflation seemingly has ceased to be a serious problem to several western economies. Yet, its potential threat is not necessarily over, and changes in overall…

Abstract

Currently, inflation seemingly has ceased to be a serious problem to several western economies. Yet, its potential threat is not necessarily over, and changes in overall economic policies may reactivate inflationary pressures. Furthermore, in many industrialized as well as less developed countries, inflation is still a central problem whose influences cannot he ignored especially for exporters. It is the purpose of this article to analyze the effect of inflationary pricing on various dimensions of marketing activity. At this stage the emphasis is mainly theoretical. Nevertheless, the time to prepare for inflation is before it occurs.

Details

Journal of Consumer Marketing, vol. 2 no. 1
Type: Research Article
ISSN: 0736-3761

Article
Publication date: 1 April 1994

Paul Michael Taube

In an intertemporal decision framework, borrowing and wealth holding decisions will incorporate information relevant to future income realizations. One channel for…

Abstract

In an intertemporal decision framework, borrowing and wealth holding decisions will incorporate information relevant to future income realizations. One channel for monetary and real disturbances to influence real activity is through revised anticipations of future income. In this study, evidence was uncovered for contemporaneous nominal shock effects on changes in household leverage with nominal and real shock effects uncovered for the growth of nondurables and services consumption and real financial wealth holdings. Evidence was found for potential opportunities to use short‐run monetary policy to offset the impact of sectoral production shocks on the growth rate or the volatility of the growth rate in consumption. The monetary shock would have to be opposite in sign to the sectoral production shock. A similar feature was found for the financial asset holdings. Evidence was uncovered for volatility and growth rate trade‐offs.

Details

Managerial Finance, vol. 20 no. 4
Type: Research Article
ISSN: 0307-4358

Article
Publication date: 1 July 1995

Steven J. Cochran and Robert H. DeFina

Several recent studies have indicated the existence of a predictable component in stock prices. This study examines the sources of this serial correlation using…

Abstract

Several recent studies have indicated the existence of a predictable component in stock prices. This study examines the sources of this serial correlation using error‐correction models. The results show that autocorrelated economic variables can generate serial correlation in stock returns. After these effects are accounted for, however, significant serial correlation in stock prices remains. The activities of noise traders and inefficiencies in the pricing of securities, within the context of limitations to the arbitrage process, are suggested as additional sources of serial correlation in stock prices.

Details

Managerial Finance, vol. 21 no. 7
Type: Research Article
ISSN: 0307-4358

Abstract

Details

International Comparisons of Prices, Output and Productivity
Type: Book
ISBN: 978-1-84950-865-0

Abstract

Details

Functional Structure and Approximation in Econometrics
Type: Book
ISBN: 978-0-44450-861-4

Article
Publication date: 7 January 2014

Abdur Chowdhury

Inflation and its related uncertainty can impose costs on real economic output in any economy. This paper aims to analyze the relationship between inflation and inflation…

1761

Abstract

Purpose

Inflation and its related uncertainty can impose costs on real economic output in any economy. This paper aims to analyze the relationship between inflation and inflation uncertainty in India.

Design/methodology/approach

The methodology uses a generalized autoregressive conditional heteroscedasticity (GARCH) model and Granger Causality test.

Findings

Initial estimates show the inflation rate to be a stationary process. The maximum likelihood estimates from the GARCH model reveal strong support for the presence of a positive relationship between the level of inflation and its uncertainty. The Granger causality results indicate a feedback between inflation and uncertainty.

Research limitations/implications

The research results have important implication for policy makers and especially the Reserve Bank of India.

Practical implications

It provides strong support to the notion of an opportunistic central bank in India.

Originality/value

The results of the paper are of relevance not only to the monetary policy makers but also to academicians in India and other developing countries.

Details

Journal of Economic Studies, vol. 41 no. 1
Type: Research Article
ISSN: 0144-3585

Keywords

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