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2014•Unpublished venueRequires access

HOW RELATIVE PRICE VARIABILITY IS RELATED TO UNANTICIPATED INFLATION AND REAL INCOME

Saghir Pervaiz Ghauri, Abdul Qayyum, Muhammad Farooq Arby

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Abstract

The paper examines the behavior of price setting agents as reflected in relative price changes in response to demand and supply factors. We have followed Parks (1978) model on monthly data of consumer price index of Pakistan. Results show that relative price variability is determined mainly by supply factors, as reflected by unanticipated inflation. The demand factors (i.e., changes in real income) are found insignificant in determining relative price variability.

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What this paper is about

The paper examines the behavior of price setting agents as reflected in relative price changes in response to demand and supply factors. We have followed Parks (1978) model on monthly data of consumer price index of Pakistan. Results show that relative price variability is determined mainly by supply factors, as reflected by unanticipated inflation. The demand factors (i.e., changes in real income) are found insignificant in determining relative price variability.

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Available abstract

The paper examines the behavior of price setting agents as reflected in relative price changes in response to demand and supply factors. We have followed Parks (1978) model on monthly data of consumer price index of Pakistan. Results show that relative price variability is determined mainly by supply factors, as reflected by unanticipated inflation. The demand factors (i.e., changes in real income) are found insignificant in determining relative price variability.

Key concepts: Relative price, Economics, Inflation (cosmology), Price level, Price index, Econometrics, Consumer price index (South Africa), Producer price index

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