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Price Shocks and the Components of Urban Inflation

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  • G L Clark

    (Department of Geography, University of Chicago, Chicago, IL 60637, USA)

Abstract

In a previous study of US city inflation, I emphasized the temporal regularities of urban price inflation. But, despite these identified regularities, it is apparent that the process of inflation is rarely so regular and so systematic. Unanticipated shocks in three components, energy food, and housing, dominate the post-1950 record of US inflation. Analysis of specific events and the patterns of local inflation in these three components reveals that food shocks and, to a lesser extent, energy price shocks have had relatively even spatial repercussions. However, it is also apparent that housing price inflation has varied considerably over space and time. Even so, it is still plausible that national price inflation is a fair approximation for local inflation.

Suggested Citation

  • G L Clark, 1984. "Price Shocks and the Components of Urban Inflation," Environment and Planning A, , vol. 16(12), pages 1633-1648, December.
    • Handle: RePEc:sae:envira:v:16:y:1984:i:12:p:1633-1648
    DOI: 10.1068/a161633
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    References listed on IDEAS

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    1. Michael Bruno & Jeffrey Sachs, 1982. "Input Price Shocks and the Slowdown in Economic Growth: The Case of U.K.Manufacturing," NBER Working Papers 0851, National Bureau of Economic Research, Inc.
    2. Anthony Cassese & James R. Lothian, 1983. "The Timing of Monetary and Price Changes and the International Transmission of Inflation," NBER Chapters, in: The International Transmission of Inflation, pages 58-82, National Bureau of Economic Research, Inc.
    3. Michael Bruno & Jeffrey Sachs, 1982. "Input Price Shocks and the Slowdown in Economic Growth: The Case of U.K. Manufacturing," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 49(5), pages 679-705.
    4. Richard W. Wahl, 1982. "Is the consumer price index a fair measure of inflation?," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 1(4), pages 496-511.
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