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| Author: | Moosa, I. |
| Title: | The cyclical behaviour of prices in the UK: some structural time series evidence |
| Journal: | Empirical Economics
2000 : VOL. 25:2, p. 261-278 |
| Index terms: | BUSINESS CYCLES TIME SERIES MODELS |
| Language: | eng |
| Abstract: | The cyclical behaviour of prices in the U.K. is investigated using a sample of annual observations covering the period 1886-1993. A structural time series model relating consumer prices to output is estimated over four sub-periods. The results indicate that prices were procyclical in the inter-war period, countercyclical in the post-1973 period and acyclical otherwise. The proposition that the cyclical behaviour of prices is determined by the dominance of supply or demand shocks alone is disputed on the basis of empirical evidence and theoretical reasoning. |
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