THE EFFECTS OF REAL MULTIPLIER VERSUS RELATIVE PRICE CHANGES ON OUTPUT AND INCOME GENERATION IN INPUT-OUTPUT MODELS
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When using input-output analysis to measure the effect of exogenous
changes in the value of final demand, it is important to
identify the degree to which the change in value is due to
changes in prices or to changes in the volume of demand. A modified
input-output model is presented to incorporate changes in
prices as well as changes in the volume of final demand. The empirical
results demonstrate that changes in the volume of final
demand stimulate output and income directly, while changes in
price have no effect on output but do influence income levels.