Are Prices Countercyclical? Evidence From the G-7 [electronic resource] / Eswar Prasad.
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TextSeries: IMF Working Papers; Working Paper ; No. 94/91Publication details: Washington, D.C. : International Monetary Fund, 1994Description: 1 online resource (28 p.)ISBN: 1451851472 :ISSN: 1018-5941Subject(s): Correlations | Inflation Rate | Linear Trend | Price Level | Canada | France | Germany | Japan | United StatesAdditional physical formats: Print Version:: Are Prices Countercyclical? Evidence From the G-7Online resources: IMF e-Library | IMF Book Store Abstract: This paper re-examines the cyclical behavior of prices using postwar quarterly data for the G-7. We confirm recent evidence that the price level is countercyclical. However, we find strong evidence that the inflation rate is procyclical in our sample. Our results show the importance of making a clear distinction between inflation and the cyclical component of the price level when reporting and interpreting stylized facts regarding business cycles.
This paper re-examines the cyclical behavior of prices using postwar quarterly data for the G-7. We confirm recent evidence that the price level is countercyclical. However, we find strong evidence that the inflation rate is procyclical in our sample. Our results show the importance of making a clear distinction between inflation and the cyclical component of the price level when reporting and interpreting stylized facts regarding business cycles.
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