Bordo, Michael D. (contributor); Dueker, Michael (contributor) - 2001 - [Elektronische Ressource].
dynamic probit model to estimate the effect of aggregate price shocks on the
index. We find that price level shocks …) was an early proponent of the view that price level
movement is an important cause of business cycles through its effect …-run growth.
2
Moreover, reasonably consistent time series data exist on the U.K. price level, output, and
monetary aggregates …