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| Author: | Hanes, C. |
| Title: | Degrees of processing and changes in the cyclical behavior of prices in the United States, 1869-1990 |
| Journal: | Journal of Money, Credit and Banking
1999 : FEB, VOL. 31:1, p. 35-53 |
| Index terms: | CHANGE PRICING USA |
| Language: | eng |
| Abstract: | Price indices for periods before the Second World War place more weight on less-processed products then do their postwar counterparts, to an extent that exaggerates the change over time in the compensation of aggregate output. Prices of the less-processed products are especially procyclical in levels and inflation rates. Thus, comparisons between historical and postwar series can give biassed measures of changes in the cyclical behavior of the aggregate price level. |
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