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| Author: | Mizon, G. E. Safford, J. C. Thomas, S. H. |
| Title: | The distribution of consumer price changes in the United Kingdom. |
| Journal: | Economica
1990 : MAY, VOL. 57:226, p. 249-262 |
| Index terms: | PRICE LEVEL COMMODITIES CHANGE UNITED KINGDOM |
| Language: | eng |
| Abstract: | Using monthly UK consumer price data for the period of 1962-83, the hypothesis that commodity inflation rates are normally distributed is rejected. This is consistent with the evidence for other countries, and must call into question the applicability of the conventional price misperceptions models, which assume such normality as an important part of the structure. The major time-series features of the individual price series was investigated. In addition, the sample moments of the price distribution were used to investigate the relation between the mean and skewness of the distribution of commodity inflation rates. The Asymmetric Price Response hypothesis was not supported by the data. |
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