By constructing component indices for Canadian prices that are judged by a panel of experts to be either freely-determined or regulated, the authors are able to show that regulated prices respond less systematically and less quickly to changes in the money supply. They also show that idiosyncrasies in the relationship between money and the different component indices are offsetting. The authors' results suggest that sticky prices, which are an underpinning of new-Keynesian economics, may well be due to the inclusion of regulated prices in overall indices of inflation. Copyright 1993 by Ohio State University Press.
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