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Author : P. A. Tinsley
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (849 download)
Download or read book Asymmetric Adjustments of Price and Output written by P. A. Tinsley and published by . This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jin Xie
Publisher :
ISBN 13 :
Total Pages : 67 pages
Book Rating : 4.:/5 (13 download)
Download or read book Capital-Market Consequences of Asymmetric Output-Price Rigidities written by Jin Xie and published by . This book was released on 2019 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: Firms adjust output prices to cost decreases with a delay relative to cost increases. I document firms' operating income becomes less persistent when their input costs decrease than when their costs increase. The stocks of firms slowly cutting output prices due to asymmetric output-price rigidities also experience high stock return volatility, and their CEOs more frequently manage expectations of financial analysts. I show these results are consistent with a New Keynesian model with trend inflation.
Author : Michael Knetter
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)
Download or read book Is Price Adjustment Asymmetric? written by Michael Knetter and published by . This book was released on 1992 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theoretical literature on pricing-to-market has identified two possible reasons why the elasticity of prices to exchange rate changes may be asymmetric across appreciations and depreciations. If firms are attempting to increase market shares in foreign markets subject to the possibility of trade restrictions, then more pricing-to-market may occur during appreciations of the exporter's currency. If firms face capacity constraints in their distribution networks, then pricing-to-market may be exaggerated during periods of depreciation of the exporters currency. This paper uses panel data on German and Japanese 7-digit industry exports to compare these competing explanations for asymmetries in pricing-to-market behavior. While the data seldom reject the null hypothesis of a symmetric response of prices to exchange rates, some industries, notably automobiles, provide empirical support for the market share model. Only a pooled regression with Japanese data supports the marketing bottlenecks model.
Author : Diego Escobari
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (13 download)
Download or read book Asymmetric Price Adjustments in Airlines written by Diego Escobari and published by . This book was released on 2016 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a unique daily time series data set to investigate the asymmetric response of airline prices to capacity costs driven by demand fluctuations. We use a Markov regime-switching model with time-varying transition probabilities to capture the time variation in the response. The results show strong evidence of asymmetric price adjustments: positive cost shifts have a large positive effect, while negative cost shifts have no effect. The asymmetry is also explained by summer travel, but not by the size of cost shifts. The findings show the importance of consumer heterogeneity and capacity constraints as a source of asymmetric responses.
Author : Robert A. Buckle
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)
Download or read book Inflation and Asymetric Price Adjustment written by Robert A. Buckle and published by . This book was released on 1996 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jakob Brochner Madsen
Publisher :
ISBN 13 : 9780864225603
Total Pages : 9 pages
Book Rating : 4.2/5 (256 download)
Download or read book Asymmetric Price Adjustment in a Menu-cost Model written by Jakob Brochner Madsen and published by . This book was released on 1997 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Haipeng (Allan) Chen
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Asymmetric Price Adjustment in the Small written by Haipeng (Allan) Chen and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyses of a large retail scanner price data set reveal a new and surprising regularity - small price increases occur more frequently than small price decreases for price changes of up to 10 cents. That is, we find asymmetric price adjustment quot;in the small.quot; Furthermore, it turns out that inflation offers only a partial explanation for the finding. Indeed, substantial proportion of the asymmetry remains unexplained, even after accounting for the inflation. For example, the asymmetry holds also after excluding periods of inflation from the data, and even for products whose price had not increased. The findings hold for different aggregate and disaggregate measures of inflation and also after allowing for lagged price adjustments.
Author : Georg Muller
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Asymmetric Price Adjustment written by Georg Muller and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate asymmetric price responses by considering a unique, highly disaggregate retailer- and product-level time series at a major supermarket chain. We find asymmetry exists, but is limited in scope and there is no evidence of a pervasive chain wide asymmetric pricing strategy. To explain product level variation, we borrow from both economic and marketing perspectives to suggest menu costs, operational efficiency, competition, and consumer perceptions as important factors. The evidence suggests an efficiency-based rationale for asymmetry. This study complements that of Peltzman (2000. J. Polit. Econ. 108(3): 466-502.) who found no systematic asymmetry in a study of the same data considered at a more aggregate level.
Author : Laurence M. Ball
Publisher :
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.:/5 (634 download)
Download or read book Asymmetric Price Adjustment and Economic Fluctuations written by Laurence M. Ball and published by . This book was released on 1992 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sourav Ray
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Asymmetric Wholesale Pricing written by Sourav Ray and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asymmetric pricing is the phenomenon where prices rise more readily than they fall. We articulate, and provide empirical support for, a theory of asymmetric pricing in wholesale prices. In particular, we show how wholesale prices may be asymmetric in the small but symmetric in the large, when retailers face costs of price adjustments. Such retailers will not adjust prices for small changes in their costs. Upstream manufacturers then see a region of inelastic demand where small wholesale price changes do not translate into commensurate retail price changes. The implication is asymmetric - small wholesale increases are more profitable because manufacturers will not lose customers from higher retail prices; yet, small wholesale decreases are less profitable, because these will not create lower retail prices, hence no extra revenue from greater sales. For larger changes, this asymmetry at wholesale vanishes as the costs of changing prices are compensated by increases in retailers' revenue that result from correspondingly large retail price changes. We first present a formal economic model of a channel with forward looking retailers facing costs of price adjustment to derive the testable propositions. Next, we test these on manufacturer prices in a supermarket scanner dataset to find support for our theory. We discuss the contributions of the results for the asymmetric pricing, distribution channels and cost of price adjustment literatures, and implications for public policy.
Author : Walter Enders
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Asymmetric Price Adjustment and the Phillips Curve written by Walter Enders and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent empirical work on the Phillips curve has focused on the convexity of the relationship between inflation and unemployement. In this paper we argue that another potentially important source of nonlinearity in the Phillips curve is to be found in asymmetric price adjustment. If prices rise more easily than they fall, then a threshold autoregressive specification seems a natural framework within which to reexamine the Phillips curve. We examine the Australian data used by a recent article on the Phillips curve and show that there are significant asymmetries in inflation, the Phillips curve and in the behavior of unit labor costs.
Author : George W. Evans
Publisher : Princeton University Press
ISBN 13 : 1400824265
Total Pages : 440 pages
Book Rating : 4.4/5 (8 download)
Download or read book Learning and Expectations in Macroeconomics written by George W. Evans and published by Princeton University Press. This book was released on 2012-01-06 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: A crucial challenge for economists is figuring out how people interpret the world and form expectations that will likely influence their economic activity. Inflation, asset prices, exchange rates, investment, and consumption are just some of the economic variables that are largely explained by expectations. Here George Evans and Seppo Honkapohja bring new explanatory power to a variety of expectation formation models by focusing on the learning factor. Whereas the rational expectations paradigm offers the prevailing method to determining expectations, it assumes very theoretical knowledge on the part of economic actors. Evans and Honkapohja contribute to a growing body of research positing that households and firms learn by making forecasts using observed data, updating their forecast rules over time in response to errors. This book is the first systematic development of the new statistical learning approach. Depending on the particular economic structure, the economy may converge to a standard rational-expectations or a "rational bubble" solution, or exhibit persistent learning dynamics. The learning approach also provides tools to assess the importance of new models with expectational indeterminacy, in which expectations are an independent cause of macroeconomic fluctuations. Moreover, learning dynamics provide a theory for the evolution of expectations and selection between alternative equilibria, with implications for business cycles, asset price volatility, and policy. This book provides an authoritative treatment of this emerging field, developing the analytical techniques in detail and using them to synthesize and extend existing research.
Author : Matthew S. Lewis
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Asymmetric Price Adjustment and Consumer Search written by Matthew S. Lewis and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article proposes a new explanation for why retail prices respond more quickly to cost increases than cost decreases. I develop a search model that assumes consumers' expectations of prices are based on prices observed during previous purchases. This model predicts that consumers search less when prices are falling, which results in higher profit margins and a slower price response to cost changes. I then empirically examine patterns of retail gasoline price response and price dispersion to show that this model predicts observed price behavior better than previously suggested explanations.
Author : David P. Byrne
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Internet, Search, and Asymmetric Pricing written by David P. Byrne and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: How does the Internet effect retail pricing? In contrast to previous empirical research that focuses on price dispersion and static margins, this paper examines how the Internet and web-based price clearing houses effect dynamic asymmetric pricing adjustment (e.g., "rockets and feathers"). We exploit a unique policy intervention in the context of the retail gasoline market that introduced a price clearinghouse in some markets but not others. We find stark evidence that the policy eliminated asymmetric price adjustment and increase the rate of passthrough of falling costs to retail prices. These results support search-based explanations for asymmetric price adjustment.
Author : Abdoul Wane
Publisher :
ISBN 13 :
Total Pages : 500 pages
Book Rating : 4.:/5 (33 download)
Download or read book Essays on Asymmetric Adjustment in the Efficiency Wage Model, in the Effects of Monetary Policy and the Effects of Fiscal Policy written by Abdoul Wane and published by . This book was released on 2003 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a set cointegration and error correction models with Threshold Autogregressive (TAR) or Momentum Threshold Autoregressive (MTAR) asymmetric adjustment, we investigate the Long-Run adjustment of the real value added in the effects of the efficiency wage models, the Long-Run adjustment of output, interest rate and price level in the effects of monetary and fiscal policies in the G-7 countries (Canada, France, Germany, Italy, Japan, United Kingdom and the United States). Empirical Results show that the effects of the relative wage on output are asymmetric in three major industrial groups (Tobacco, Petroleum and Printing). The dynamic adjustment of output to money supply, real price of oil and interest rate shocks show markedly different responses to positive than negative shocks in all G-7 countries except Japan. The asymmetric adjustment tests conclusively suggest that the effects of fiscal policy on output, interest rate and price level are asymmetric in all G-7 countries except in France (for output) and in the United States (for the price level). These different long-run adjustments of the real value added, output, interest rate and price level induce interesting policy implications.
Author : Alexandra Putzová
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (255 download)
Download or read book Analysis of the Asymmetric Price Adjustment to Cost Change with Slow and Bounded Consumers, Theoretical Model written by Alexandra Putzová and published by . This book was released on 2007 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Henry De-Graft Acquah
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (551 download)
Download or read book Analysis of Price Transmission and Asymmetric Adjustments Using Bayesian Econometric Methodology written by Henry De-Graft Acquah and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
