TY - JOUR
T1 - Asymmetric output-gap effects in Phillips curve and mark-up pricing models: Evidence for the US and the UK
AU - Clements, Michael P.
AU - Sensier, Marianne
PY - 2003/9
Y1 - 2003/9
N2 - A number of studies have found an asymmetric response of consumer price index inflation to the output gap in the US in simple Phillips curve models. We consider whether there are similar asymmetries in mark-up pricing models, that is, whether the mark-up over producers' costs also depends upon the sign of the (adjusted) output gap. The robustness of our findings to the price series is assessed, and also whether price-output responses in the UK are asymmetric.
AB - A number of studies have found an asymmetric response of consumer price index inflation to the output gap in the US in simple Phillips curve models. We consider whether there are similar asymmetries in mark-up pricing models, that is, whether the mark-up over producers' costs also depends upon the sign of the (adjusted) output gap. The robustness of our findings to the price series is assessed, and also whether price-output responses in the UK are asymmetric.
U2 - 10.1111/1467-9485.5004001
DO - 10.1111/1467-9485.5004001
M3 - Article
SN - 0036-9292
VL - 50
SP - 359
EP - 374
JO - Scottish Journal of Political Economy
JF - Scottish Journal of Political Economy
IS - 4
ER -