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Can we trust in cross-sectional price-value correlation measures? some evidence from the case of Spain

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  • EMILIO DÍAZ
  • RUBÉN OSUNA

Abstract

The literature on price-value relations has frequently used correlation measures in testing the theory of labor value--that is, values are good proxies to prices or, alternatively, they explain, in some sense, prices. However, several authors have detected important problems that affect those measures-- particularly, a problem of spurious correlation that invalidates the statistical results typically obtained in the literature. In this paper, we show, using data from Spain (1986-94), that spurious correlation cannot be empirically treated, due to a more general problem of indeterminacy affecting any correlation measure.

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  • Emilio Díaz & Rubén Osuna, 2005. "Can we trust in cross-sectional price-value correlation measures? some evidence from the case of Spain," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 28(2), pages 345-363.
    • Handle: RePEc:mes:postke:v:28:y:2005:i:2:p:345-363
    DOI: 10.2753/PKE0160-3477280209
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    Cited by:

    1. Andrea Vaona, 2014. "A panel data approach to price–value correlations," Empirical Economics, Springer, vol. 47(1), pages 21-34, August.
    2. Andrea Vaona, 2012. "Price-price deviations are highly persistent - extended version," Working Papers 08/2012, University of Verona, Department of Economics.

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