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Inflation and Relative Price Variability: New Evidence for the United States

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  • Sascha S. Becker
  • Dieter Nautz

Abstract

This article provides new evidence on the empirical relationship between inflation and relative prices in the United States. In line with the predictions of recent monetary search models, we find that the impact of expected inflation on relative price variability (RPV) has disappeared during the recent period when inflation expectations have been stabilized on a low level. Endogenous break‐point tests are applied to identify the timing and to confirm the significance of the changing role of inflation for RPV. The empirical findings are robust with respect to different price indices, disaggregation levels, and measurement concepts.

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  • Sascha S. Becker & Dieter Nautz, 2009. "Inflation and Relative Price Variability: New Evidence for the United States," Southern Economic Journal, John Wiley & Sons, vol. 76(1), pages 146-164, July.
    • Handle: RePEc:wly:soecon:v:76:y:2009:i:1:p:146-164
    DOI: 10.4284/sej.2009.76.1.146
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