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Do prices reflect short-term output fluctuations? : empirical evidence from a small open raw material based economy

Grytten, Ola Honningdal; Hunnes, Arngrim
Working paper
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URI
http://hdl.handle.net/11250/163142
Date
2009-01
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  • Discussion papers (SAM) [607]
Abstract
Within the framework of Keynesian economic theory it is widely taken for granted that short term output fluctuations are mirrored

in corresponding fluctuations 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 positive

correlation between prices and output. Contrary, there is more evidence of a counter-cyclical relationship, indicating that business cycles are more frequently caused by supply-side shocks than demand

side shocks. However, negative demand shocks normally seem to cause lagged negative price responses.
Publisher
Norwegian School of Economics and Business Administration. Department of Economics
Series
Discussion paper
2009:1

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