The Cyclical Behavior of Prices
重新检验了十个国家价格水平的周期行为，发现19世纪末至二战前价格通常呈顺周期，而大萧条后转为逆周期，对理解价格与产出的关系有参考价值。
Much empirical work has documented a procyclical general price level for many countries. Since there is much in the recent theoretical literature and academic debates that runs counter to a procyclical price level, a comprehensive reexamination of the empirical evidence for the cyclical behavior of prices is worthwhile. It is found that the price levels for ten countries generally are procyclical from the late nineteenth century until the Second World War with the exception of a period around World War I and they are countercyclical for the post-Depression period with the exception of a period in the 1950s or 1960s. Copyright 1992 by Ohio State University Press.