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Degrees of Processing and Changes in the Cyclical Behavior of Prices in the Untied States, 1869-1990

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  • Hanes, Christopher

Abstract

Price indices for periods before the Second World War place more weight on less-processed products than do their postwar counterparts to an extent that exaggerates the change over time in the composition of aggregate output. Prices of less-processed products are especially procyclical in levels and inflation rates. Thus, comparisons between historical and postwar series can give biased measures of changes in the cyclical behavior of the aggregate price level. Also, changes in the behavior of the aggregate price level must be distinguished from changes in the behavior of prices of given products, subject to a given degree of processing.

Suggested Citation

  • Hanes, Christopher, 1999. "Degrees of Processing and Changes in the Cyclical Behavior of Prices in the Untied States, 1869-1990," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(1), pages 35-53, February.
  • Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:1:p:35-53
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    Citations

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    Cited by:

    1. Joseph H. Davis & Christopher Hanes & Paul W. Rhode, 2009. "Harvests and Business Cycles in Nineteenth-Century America," NBER Working Papers 14686, National Bureau of Economic Research, Inc.
    2. repec:eee:ecolet:v:160:y:2017:i:c:p:67-72 is not listed on IDEAS
    3. Bryan Perry & Kerk L Phillips & David E. Spencer, 2015. "State-Level Variation in the Real Wage Response to Monetary Policy," Annals of Economics and Finance, Society for AEF, vol. 16(1), pages 1-17, May.
    4. Binder, Carola Conces, 2016. "Estimation of historical inflation expectations," Explorations in Economic History, Elsevier, vol. 61(C), pages 1-31.
    5. Hanes, Christopher & Rhode, Paul W., 2013. "Harvests and Financial Crises in Gold Standard America," The Journal of Economic History, Cambridge University Press, vol. 73(01), pages 201-246, March.
    6. Kevin X.D. Huang & Jonathan Willis, 2012. "Sectoral Interactions and Monetary Policy Under Costly Price Adjustments," 2012 Meeting Papers 883, Society for Economic Dynamics.
    7. Susanto Basu & Christopher L. House, 2016. "Allocative and Remitted Wages: New Facts and Challenges for Keynesian Models," NBER Working Papers 22279, National Bureau of Economic Research, Inc.
    8. Christina D. Romer, 1999. "Changes in Business Cycles: Evidence and Explanations," Journal of Economic Perspectives, American Economic Association, vol. 13(2), pages 23-44, Spring.
    9. Alan Kackmeister, 2007. "Yesterday's Bad Times Are Today's Good Old Times: Retail Price Changes Are More Frequent Today Than in the 1890s," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(8), pages 1987-2020, December.
    10. Susanto Basu & Alan M. Taylor, 1999. "Business Cycles in International Historical Perspective," Journal of Economic Perspectives, American Economic Association, vol. 13(2), pages 45-68, Spring.
    11. Selgin, George & Lastrapes, William D. & White, Lawrence H., 2012. "Has the Fed been a failure?," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 569-596.

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