Bergin, Paul R. (contributor); Glick, Reuven (contributor); … - 2004 - [Elektronische Ressource]
)
Thus, assuming fixed a and
*
a but varying b and
*
b , the BS effect is present and the
elasticity of the price level … equivalent to a rise in b
and a fall in a such that ab remains constant) then the price level could fall as a country
got …). Then, by back projection, errors in the price level in the past would be
negatively correlated with real output levels in …