{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/20685"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/20685","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"A macroeconomic analysis of sectoral price movements in the United States","abstract":"Analyses of both the business and inflation cycles remain the dominant concerns in macroeconomics since no single theory has yet consistently explained these two phenomena. It is generally agreed however that the assumed degree of short run variability in prices and quantities constitutes the principal differences between the competing theories. In this thesis we offer a theoretical and empirical analysis of this variability in order to provide additional data and insight by which to judge competing versions of the New Keynesian, New Classical, and Real Business Cycle theories.","abstract_html":"Analyses of both the business and inflation cycles remain the dominant concerns in macroeconomics since no single theory has yet consistently explained these two phenomena. It is generally agreed however that the assumed degree of short run variability in prices and quantities constitutes the principal differences between the competing theories. In this thesis we offer a theoretical and empirical analysis of this variability in order to provide additional data and insight by which to judge competing versions of the New Keynesian, New Classical, and Real Business Cycle theories.","abstract_has_math":false,"creators":["Hudgins, David Lynn"],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Economics","degree_department":null,"school":null,"contributors":["Shupp, Franklin R."],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2011,"date_issued":"2011-05-07T12:46:19Z","date_published":"2011-05-07T12:46:19Z","updated_at":"2026-07-22T22:25:16Z","subjects":["Economics, General"],"languages":["eng"],"rights":["Copyright 1993 Hudgins, David Lynn"],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier","label":"Identifier","values":["(UMI)AAI9314880","AAI9314880"],"render_values":[{"text":"(UMI)AAI9314880","href":null,"code":true},{"text":"AAI9314880","href":null,"code":true}]}]},"links":{"outbound_url":"http://hdl.handle.net/2142/20685","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Shupp, Franklin R."]},{"key":"dc:creator","label":"Author","values":["Hudgins, David Lynn"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2011-05-07T12:46:19Z","10000-01-01","1993"]},{"key":"dc:type","label":"Dc Type","values":["text"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Economics"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Economics, General"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["eng"]},{"key":"dc:rights","label":"Dc Rights","values":["Copyright 1993 Hudgins, David Lynn"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["(UMI)AAI9314880","AAI9314880","http://hdl.handle.net/2142/20685"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["Analyses of both the business and inflation cycles remain the dominant concerns in macroeconomics since no single theory has yet consistently explained these two phenomena. It is generally agreed however that the assumed degree of short run variability in prices and quantities constitutes the principal differences between the competing theories. In this thesis we offer a theoretical and empirical analysis of this variability in order to provide additional data and insight by which to judge competing versions of the New Keynesian, New Classical, and Real Business Cycle theories.","This analysis examines the determinants of nominal and relative price variability and empirically tests for the levels of price variability across industrial sectors and over the business cycle in the United States during the period 1947 to 1989. Differences across sectors allows sources of nominal and real rigidity and flexibility to be identified, and consequently an examination of distributional effects which arise from industry pricing behavior.","The first issue addressed in this thesis is the microfoundations including various arguments concerning the potential sources of price rigidity. Input-output, menu cost, and markup rule approaches and their implications for firms in various industries are considered. An multi-sector macroeconomic model, which is an extension of that presented by Shupp (1984), is also developed in which the behavior of economic variables across sectors can be analyzed. This method produces an alternative approach to studying the macroeconomy in which both microfoundation analysis and aggregative methods are fully amenable. A performance index is employed within an optimal control systems framework in order to determine and evaluate the effects of different policy instruments in light of the existing model parameters.","The empirical analysis divides the U.S. economy into 21 different industrial sectors in an attempt to measure the degree of nominal and relative price variability across these sectors and over the business cycle. Modified versions of Gordon's (1990) and Rotemberg's (1982) specifications are derived for each industry. Empirical results for the multi-sector model are then obtained and the three results compared.","Made available in DSpace on 2011-05-07T12:46:19Z (GMT). No. of bitstreams: 2 license.txt: 4922 bytes, checksum: 910b249b4beec47e7ab768910c8f966f (MD5) 9314880.pdf: 8287874 bytes, checksum: 1c5f25065cb03ef9e7b54dc6e40fcead (MD5) Previous issue date: 1993","Item marked as restricted to the 'UIUC Users [automated]' Group (id=2) by Howard Ding (hding2@illinois.edu) on 2011-05-07T14:45:34Z Item is restricted indefinitely.","Restriction data tranferred 2014-07-01T11:20:12-05:00 Original Data Group with Access UIUC Users [automated] Release Date: none Reason: ETDs are only available to UIUC Users without author permission","ETDs are only available to UIUC Users without author permission","U of I Only"]},{"key":"dc:title","label":"Title","values":["A macroeconomic analysis of sectoral price movements in the United States"]}]}],"canonical_facts":{"dc:contributor":["Shupp, Franklin R."],"dc:creator":["Hudgins, David Lynn"],"dc:date":["2011-05-07T12:46:19Z","10000-01-01","1993"],"dc:description":["Analyses of both the business and inflation cycles remain the dominant concerns in macroeconomics since no single theory has yet consistently explained these two phenomena. It is generally agreed however that the assumed degree of short run variability in prices and quantities constitutes the principal differences between the competing theories. In this thesis we offer a theoretical and empirical analysis of this variability in order to provide additional data and insight by which to judge competing versions of the New Keynesian, New Classical, and Real Business Cycle theories.","This analysis examines the determinants of nominal and relative price variability and empirically tests for the levels of price variability across industrial sectors and over the business cycle in the United States during the period 1947 to 1989. Differences across sectors allows sources of nominal and real rigidity and flexibility to be identified, and consequently an examination of distributional effects which arise from industry pricing behavior.","The first issue addressed in this thesis is the microfoundations including various arguments concerning the potential sources of price rigidity. Input-output, menu cost, and markup rule approaches and their implications for firms in various industries are considered. An multi-sector macroeconomic model, which is an extension of that presented by Shupp (1984), is also developed in which the behavior of economic variables across sectors can be analyzed. This method produces an alternative approach to studying the macroeconomy in which both microfoundation analysis and aggregative methods are fully amenable. A performance index is employed within an optimal control systems framework in order to determine and evaluate the effects of different policy instruments in light of the existing model parameters.","The empirical analysis divides the U.S. economy into 21 different industrial sectors in an attempt to measure the degree of nominal and relative price variability across these sectors and over the business cycle. Modified versions of Gordon's (1990) and Rotemberg's (1982) specifications are derived for each industry. Empirical results for the multi-sector model are then obtained and the three results compared.","Made available in DSpace on 2011-05-07T12:46:19Z (GMT). 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