Relative Price Variability and Inflation: A Disaggregated Analysis
利用英国1974-1984年80个细分商品组的季度价格数据，研究市场内价格变动性的决定因素，发现其与通货膨胀正相关，对理解价格波动和货币政策有参考价值。
Relative price variability has been studied at the cross-sectional (intermarket) level. This paper addresses the equally important phenomenon of intramarket variability: the dispersion of commodity price movements around the industry average. Using quarterly price data for eighty disaggregated commodity groups in the United Kingdom from 1974 to 1984, the paper investigates the determinants of intramarket price variability and replicates some previous cross-sectional tests for the United Kingdom. Intramarket price variability is found to be positively related to inflation. Intramarket variability is found to be positively related to the average (market) rate of price change. Copyright 1987 by University of Chicago Press.