@techreport{NBERw0455, title = "A Consistent Characterization of
a Near-Century of Price Behavior", author = "Robert J. Gordon",
institution = "National Bureau of Economic Research", type =
"Working Paper", series = "Working Paper Series", number =
"455", year = "1980", month = "February", URL =
"http://www.nber.org/papers/w0455", abstract = {This paper
demonstrates that the commonly used Expectational Phillips Curve
(EPC) framework cannot explain the last eighty-seven years of
aggregate price behavior in the United States. The EPC
explanation, which in its most general form relates price change
to expected inflation and the level of detrended output,
obscures the fact that price change has been much more closely
related to the contemporaneous rate of change of detrended
output. Over the near-century of annual data studied here, a
change in output has shown a remarkably consistent tendency to
be associated in annual data with a simultaneous change in the
price level of about one-half as much. Stated another w