How Long to Read Asymmetry in the U.S. Output-Inflation Nexus

How Long Does it Take to Read Asymmetry in the U.S. Output-Inflation Nexus?

It takes the average reader and 50 minutes to read Asymmetry in the U.S. Output-Inflation Nexus by Mr.Peter B. Clark

Assuming a reading speed of 250 words per minute. Learn more

Description

This paper presents empirical evidence supporting the proposition that there is a significant asymmetry in the U.S. output-inflation process, which implies that excess demand conditions are much more inflationary than excess supply conditions are disinflationary. The important policy implication of this asymmetry is that it can be very costly if the economy overheats because this will necessitate a severe tightening in monetary conditions in order to reestablish inflation control. The small model of the U.S. outputinflation process developed in the paper shows that the seeds of large recessions, such as that in 1981-82, are planted by allowing the economy to overheat. This type of asymmetry implies that the measure of excess demand which is appropriate in estimating the Phillips curve cannot have a zero mean; instead, this mean must be negative if inflation is to be stationary. The paper also shows that a failure to account for this important implication of asymmetry can explain why some other researchers may have been misled into falsely accepting the linear model. The empirical results presented in the paper show that the conclusions regarding asymmetry are robust to a number of tests for sensitivity to changes in the method used to estimate potential output and in the specification of the Phillips curve.

How long is Asymmetry in the U.S. Output-Inflation Nexus?

Asymmetry in the U.S. Output-Inflation Nexus by Mr.Peter B. Clark is 50 pages long, and a total of 12,500 words.

This makes it 17% the length of the average book. It also has 15% more words than the average book.

How Long Does it Take to Read Asymmetry in the U.S. Output-Inflation Nexus Aloud?

The average oral reading speed is 183 words per minute. This means it takes 1 hour and 8 minutes to read Asymmetry in the U.S. Output-Inflation Nexus aloud.

What Reading Level is Asymmetry in the U.S. Output-Inflation Nexus?

Asymmetry in the U.S. Output-Inflation Nexus is suitable for students ages 8 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

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