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dc.contributor.authorFielding, David
dc.contributor.authorHajzler, Chris
dc.contributor.authorMacGee, Jim
dc.date.available2011-09-28T02:43:15Z
dc.date.copyright2011-08-01
dc.identifier.citationFielding, D., Hajzler, C., & MacGee, J. (2011). Determinants of Relative Price Variability during a Recession: Evidence from Canada at the Time of the Great Depression (Economics Discussion Papers Series No. 1107). University of Otago. Retrieved from http://hdl.handle.net/10523/1878en
dc.identifier.issn1178-2293
dc.identifier.urihttp://hdl.handle.net/10523/1878
dc.description.abstractMost studies find that relative price variability (RPV) is a U-shaped or V-shaped function of anticipated inflation, and a V-shaped function of unanticipated inflation. One exception is Reinsdorf (1994), who finds that RPV in the United States during the 1980s recession was monotonically decreasing in unanticipated inflation. We suggest a reason for this difference, and test our conjecture using data from inter-war Canada. Our results indicate that in recessionary conditions a positive inflation shock does reduce RPV. However, this reduction is unlikely to correspond to higher consumer utility; this has implications for the conduct of monetary policy during a recession.en_NZ
dc.format.mimetypeapplication/pdf
dc.language.isoenen_NZ
dc.publisherUniversity of Otagoen_NZ
dc.relation.ispartofseriesEconomics Discussion Papers Seriesen_NZ
dc.relation.urihttp://www.business.otago.ac.nz/econ/research/discussionpapers/index.htmlen_NZ
dc.subjectrelative price variabilityen_NZ
dc.subjectinflationen_NZ
dc.subjectCanadaen_NZ
dc.subjectGreat Depressionen_NZ
dc.titleDeterminants of Relative Price Variability during a Recession: Evidence from Canada at the Time of the Great Depressionen_NZ
dc.typeDiscussion Paperen_NZ
otago.schoolDepartment of Economicsen_NZ
otago.openaccessOpen
otago.relation.number1107en_NZ
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