文章基本信息

标题：Do prices re ect short-term output uctuations? Empirical evidence from a small open raw material based economy
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作者：Ola Grytten Arngrim Hunnes
期刊名称：Discussion Papers / Norwegian School of Economics and Business Administration
印刷版ISSN：0804-6824
出版年度：2009
卷号：2009
出版社：Bergen
摘要：Within the framework of Keynesian economic theory it is widely taken for granted that short term output uctuations are mirrored in corresponding uctuations in prices. By examining data on prices and output for a small open raw material based economy, in this case Norway, 1830-2006, this paper concludes that there isn't a clear pos- itive correlation between prices and output. Contrary, there is more evidence of a counter-cyclical relationship, indicating that business cy- cles are more frequently caused by supply-side shocks than demand side shocks. However, negative demand shocks normally seem to cause lagged negative price responses.