AN EMPIRICAL MODEL OF PRICE AND OUTPUT BEHAVIOR

Louis J. Maccini

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

This paper proposes a model of short-run price and output behavior and undertakes an initial empirical investigation of the model with data from the manufacturing sector of the U.S. Economy. The model provides a relatively precise specification of the various factors that influence prices and output, and joint maximum likelihood techniques are used to estimate the parameters of the model. The empirical results support the proposition that demand-oriented forces primarily influence output while cost-push forces primarily influence prices and indicate that real interest rates affect both prices and output.

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1962Planning Production, Inventories, and Work Force 1977Inflation: A Survey 1975Inflation: A Survey 1961Manufacturers' Inventories, Sales Expectations, and the Acceleration Principle 1966The Brookings Quarterly Econometric Model of the United States 1964Aggregation in Economic Analysis 1972Multiperiod monopoly under uncertainty 1970Price Expectations and the Behavior of the Price Level.

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1985A Unified Framework for Firms’ Decisions Theoretical Analysis and Empirical Application to Italy 1970–1980

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