Excess Demand, Expectations and Price Changes

Malcolm Sawyer (malcolm_sawyer@btinternet.com)

Chapter 3 in Business Pricing and Inflation, 1983, pp 41-62 from Palgrave Macmillan

Abstract: Abstract In this chapter, we focus on the empirical evidence pertaining to theories of price change which give a central role to excess demand, set within the context of an essentially competitive market environment. We begin with a discussion of the problems which arise in testing such theories, particularly the measurement of crucial variables. After a brief survey of previous work in this area, we present a summary of the results of our own empirical investigation in this area for 40 British manufacturing industries over the period 1963 to 1975.

Keywords: Price Change; Serial Correlation; Aggregate Demand; Excess Demand; Supply Function (search for similar items in EconPapers)
Date: 1983
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-03166-5_3

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DOI: 10.1007/978-1-349-03166-5_3

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