Work

The cyclical behavior of prices

Year: 1991

Type: article

Abstract: The procyclical behavior of prices has been a staple of business cycle lore since the work of the early NBER business cycle researchers. This paper reexamines that empirical fact. The aggregate data do not support procyclical price movements as a stable feature of the business cycle. The only episode where it is a robust feature of the data is the period between the two world wars, particularly the period of the Great Depression.

Source: Journal of Monetary Economics

DOI: 10.1016/0304-3932(91)90024-i

Authors: Thomas F. Cooley, Lee E. Ohanian

Institution: University of Rochester

Language: English

Topic: Monetary Policy and Economic Impact

Subfield: General Economics, Econometrics and Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: hybrid

Estimated APC paid: $4,660

OpenAlex ID: W2122677331

FWCI: 27.88

Cites: 67

Cited by: 249

Related to: 10