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Inflation and Relative Price Volatility in Russian Food Markets

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  • Loy, Jens-Peter
  • Weaver, R D

Abstract

Real costs result when inflation changes relative prices between products or regions. When such changes are unanticipated, resource misallocation and welfare losses are induced. Time series analysis of retail food prices in Russian markets provides estimates of anticipated and unanticipated inflation, as well as of inflation uncertainty derived from a GARCH-M model. Results indicate that distortions in relative prices were induced by the anticipated inflation rate, rather than by unanticipated inflation or a measure of inflation uncertainty. No support was found for the Lucas hypothesis that a positive relationship exists between the relative price structure and the unanticipated rate of inflation. Copyright 1998 by Oxford University Press.

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Bibliographic Info

Article provided by Foundation for the European Review of Agricultural Economics in its journal European Review of Agricultural Economics.

Volume (Year): 25 (1998)
Issue (Month): 3 ()
Pages: 373-94

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Handle: RePEc:oup:erevae:v:25:y:1998:i:3:p:373-94

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Cited by:
  1. Natcher, William C. & Weaver, Robert D., 1999. "The Transmission Of Price Volatility In The Beef Markets," 1999 Annual meeting, August 8-11, Nashville, TN 21511, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  2. Baek, Jungho, 2010. "Inflation and Intramarket Price Variability: Empirical Evidence from U.S. Food Products," Journal of Rural Development/Nongchon-Gyeongje, Korea Rural Economic Institute, vol. 33(4), October.
  3. Arnade, Carlos A. & Osborne, Stefan, 2001. "Measurement And Testing For Neutrality Of Foreign Price And Cpi Transmission In Russia," 2001 Annual meeting, August 5-8, Chicago, IL 20625, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  4. Ioanna Reziti, 2005. "The Relationship Between Macroeconomic Variables and Relative Price Variability in Greek Agriculture," International Advances in Economic Research, Springer, vol. 11(1), pages 111-119, March.

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