Judd, John P.; Trehan, Bharat - Federal Reserve Bank of San Francisco - 1993
supply. Earlier studies have interpreted their finding of generally negative cross-correlations between output and prices in …Whether prices are pro- or counter-cyclical represents a major difference in the predictions of models that focus on … the post-WWII U.S. as being more consistent with supply-driven models. In the present paper, we ask whether this …