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The Relationship Between Macroeconomic Variables and Relative Price Variability in Greek Agriculture

  • Ioanna Reziti

The purpose of this paper is to present a measure of relative price variability (RPV) among 53 agricultural products and to explore the relationships between RPV, aggregate inflation rate, and changes in economic activity for the period 1962–1997. We also estimate the effects of expected and unexpected components of inflation on price variability. The results show that changes in inflation rate and economic activity have a strong positive effect on RPV, in addition, expected inflation is found to be an important determinant for explaining price variability. Copyright International Atlantic Economic Society 2005

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File URL: http://hdl.handle.net/10.1007/s11294-004-7494-9
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Article provided by International Atlantic Economic Society in its journal International Advances in Economic Research.

Volume (Year): 11 (2005)
Issue (Month): 1 (March)
Pages: 111-119

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Handle: RePEc:kap:iaecre:v:11:y:2005:i:1:p:111-119
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  8. Lach, Saul & Tsiddon, Daniel, 1992. "The Behavior of Prices and Inflation: An Empirical Analysis of Disaggregated Price Data," Journal of Political Economy, University of Chicago Press, vol. 100(2), pages 349-89, April.
  9. Debelle, Guy & Lamont, Owen, 1997. "Relative Price Variability and Inflation: Evidence from U.S. Cities," Journal of Political Economy, University of Chicago Press, vol. 105(1), pages 132-52, February.
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  14. Rezitis, Anthony N., 2003. "Volatility Spillover Effects in Greek Consumer Meat Prices," Agricultural Economics Review, Greek Association of Agricultural Economists, vol. 4(1), January.
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  17. Van Hoomissen, Theresa, 1988. "Price Dispersion and Inflation: Evidence from Israel," Journal of Political Economy, University of Chicago Press, vol. 96(6), pages 1303-14, December.
  18. Blejer, Mario I. & Leiderman, Leonardo, 1982. "Inflation and relative-price variability in the open economy," European Economic Review, Elsevier, vol. 18(2), pages 387-402.
  19. Grier, Kevin B. & Perry, Mark J., 1996. "Inflation, inflation uncertainty, and relative price dispersion: Evidence from bivariate GARCH-M models," Journal of Monetary Economics, Elsevier, vol. 38(2), pages 391-405, October.
  20. Anthony Rezitis, 2003. "Mean and volatility spillover effects in Greek producer-consumer meat prices," Applied Economics Letters, Taylor & Francis Journals, vol. 10(6), pages 381-384.
  21. Lach, Saul & Tsiddon, Daniel, 1993. "The effects of expected and unexpected inflation on the variability of relative prices," Economics Letters, Elsevier, vol. 41(1), pages 53-56.
  22. Nicholas Apergis & Anthony Rezitis, 2003. "Mean spillover effects in agricultural prices: The case of Greece," Agribusiness, John Wiley & Sons, Ltd., vol. 19(4), pages 425-437.
  23. Zanias, George P, 1998. "Inflation, Agricultural Prices and Economic Convergence in Greece," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 25(1), pages 19-29.
  24. Fischer, Stanley, 1982. "Relative price variability and inflation in the United States and Germany," European Economic Review, Elsevier, vol. 18(2), pages 171-196.
  25. Nicholas Apergis & Anthony Rezitis, 2003. "Agricultural price volatility spillover effects: the case of Greece," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 30(3), pages 389-406, September.
  26. Parks, Richard W, 1978. "Inflation and Relative Price Variability," Journal of Political Economy, University of Chicago Press, vol. 86(1), pages 79-95, February.
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