Inflation and relative price volatility in Russian food markets
研究了俄罗斯零售食品市场中通货膨胀如何影响不同产品或地区间的相对价格，发现预期通胀率而非未预期通胀或通胀不确定性导致了相对价格扭曲。
Real costs result when inflation changes relative prices between products or regions. When such changes are unanticipated, resource misallocation and welfare losses are induced. Time series analysis of retail food prices in Russian markets provides estimates of anticipated and unanticipated inflation, as well as of inflation uncertainty derived from a GARCH-M model. Results indicate that distortions in relative prices were induced by the anticipated inflation rate, rather than by unanticipated inflation or a measure of inflation uncertainty. No support was found for the Lucas hypothesis that a positive relationship exists between the relative price structure and the unanticipated rate of inflation. Copyright 1998 by Oxford University Press.