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Are prices countercyclical? Evidence from the G-7

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  • Chadha, Bankim
  • Prasad, Eswar

Abstract

This paper re-examines the cyclical behavior of prices using postwar quarterly data for the G-7. We confirm recent evidence that the price level is countercyclical. However, we find strong evidence that the inflation rate is procyclical in our sample. Our results show the importance of making a clear distinction between inflation and the cyclical component of the price level when reporting and interpreting stylized facts regarding business cycles.
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  • Chadha, Bankim & Prasad, Eswar, 1994. "Are prices countercyclical? Evidence from the G-7," Journal of Monetary Economics, Elsevier, vol. 34(2), pages 239-257, October.
    • Handle: RePEc:eee:moneco:v:34:y:1994:i:2:p:239-257
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