Abstract
This paper evaluates empirically the effects of sector relative-price variability, and short-run and long-run inflation on the growth rate of real output in the United States since 1947. Also, permanent and transitory estimates are constructed to evaluate the effects of unanticipated movements in sector relative price on the growth rate of real output. The results show a statistically significant inverse relationship beween the growth rate of real output and transitory sector relative-price variability and anticipated long-run inflation, and a direct relationship between the growth rate of real output and unanticipated short-run inflation.
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