Inflationary expectations and the Fisher effect prior to World War I.: An article from: Journal of Money, Credit & Banking
Book Details
Author(s)Stephen J. Perez, Mark V. Siegler
PublisherOhio State University Press
ISBN / ASINB0008GDUKI
ISBN-13978B0008GDUK8
AvailabilityAvailable for download now
MarketplaceUnited States 🇺🇸
Description
This digital document is an article from Journal of Money, Credit & Banking, published by Ohio State University Press on December 1, 2003. The length of the article is 8222 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
From the author: We use univariate and multivariate techniques to estimate the expected price level changes for the U.S. during the pre-World War I period. We also examine contemporaneous evidence from agricultural commodity futures markets to measure inflationary expectations. Using previously neglected data on consumer prices and a variety of techniques, we draw three main conclusions not traditionally found for this period: (1) price level changes were not white noise, (2) a significant portion of deflationary and inflationary episodes was indeed expected, and (3) expected inflation is positively and significantly correlated with nominal interest rates, thus providing support for a short-run Fisher effect.
Citation Details
Title: Inflationary expectations and the Fisher effect prior to World War I.
Author: Stephen J. Perez
Publication:Journal of Money, Credit & Banking (Refereed)
Date: December 1, 2003
Publisher: Ohio State University Press
Volume: 35 Issue: 6 Page: 947(19)
Distributed by Thomson Gale
From the author: We use univariate and multivariate techniques to estimate the expected price level changes for the U.S. during the pre-World War I period. We also examine contemporaneous evidence from agricultural commodity futures markets to measure inflationary expectations. Using previously neglected data on consumer prices and a variety of techniques, we draw three main conclusions not traditionally found for this period: (1) price level changes were not white noise, (2) a significant portion of deflationary and inflationary episodes was indeed expected, and (3) expected inflation is positively and significantly correlated with nominal interest rates, thus providing support for a short-run Fisher effect.
Citation Details
Title: Inflationary expectations and the Fisher effect prior to World War I.
Author: Stephen J. Perez
Publication:Journal of Money, Credit & Banking (Refereed)
Date: December 1, 2003
Publisher: Ohio State University Press
Volume: 35 Issue: 6 Page: 947(19)
Distributed by Thomson Gale
