Inflation and changing expenditure shares.

From: Economic Quarterly | Date: January 1, 2005| Author: Ding, Fan; Wolman, Alexander L. | Copyright information

Inflation is an index of price changes for many goods. As such, the behavior of inflation is determined by the behavior of (1) price changes for individual goods, as well as (2) the weights that the index puts on the price changes of different goods. Most macroeconomic analyses of the time-series behavior of inflation--whether empirical or theoretical--implicitly emphasize the former determinant of inflation. (1) Theoretical analyses tend to focus on one-sector models in which ther...

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