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| Author: | Fair, R. |
| Title: | Inflationary expectations and price setting behavior |
| Journal: | Review of Economics and Statistics
1993 : FEB, VOL. 75:1, p. 8-18 |
| Index terms: | INFLATION EXPECTATIONS PRICES |
| Language: | eng |
| Abstract: | This paper tests for the existence of expectational effects in very disaggregate price equations. Price equations are estimated using monthly data for each of 40 products. The dynamic specification of the equations is also tested, including whether the equations should be specified in level form or in change form. The results support the hypothesis that aggregate price expectations affect individual pricing decisions. The results do not discriminate very well between the level and change forms of the price equation, although there is a slight edge for the level form. |
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