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Relative price variability and inflation in an equilibrium price misperceptions' model

Clare, A.D. and Thomas, S.H. (1993) Relative price variability and inflation in an equilibrium price misperceptions' model Economics Letters, 42, (1), pp. 51-57. (doi:10.1016/0165-1765(93)90172-9).

Record type: Article

Abstract

In this paper we investigate the relationship between relative price variability and inflation in the United Kingdom using the equilibrium price misperceptions' model of Lucas (American Economic Review, 1973, 63, 526–534). We obtain a data consistent version of the equilibrium price misperceptions' model linking relative price variability, inflation and a small set of key macroeconomic variables. We find a significant, positive role for inflation in explaining relative price variability and suggest that this may be due to a positive relation between the variance of sector-specific shocks and inflation.

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Published date: 1993

Identifiers

Local EPrints ID: 37386
URI: http://eprints.soton.ac.uk/id/eprint/37386
ISSN: 0165-1765
PURE UUID: 444872b0-62c0-418d-99fb-7d6632feb6ad

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Date deposited: 28 Feb 2007
Last modified: 17 Jul 2017 15:42

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Contributors

Author: A.D. Clare
Author: S.H. Thomas

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