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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 : Laurence M. Ball
Publisher :
ISBN 13 :
Total Pages : 261 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 1994 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper considers a possible explanation for asymmetric adjustment of nominal prices. We present a menu-cost model in which positive trend inflation causes firms' relative prices to decline automatically between price adjustments. In this environment, shocks that raise firms' desired prices trigger larger price responses than shocks that lower desired prices. We use this model of asymmetric adjustment to address three issues in macroeconomics: the effects of aggregate demand, the effects of sectoral shocks, and the optimal rate of inflation.
Author : Carlos Balseyro Rodriguez
Publisher :
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.:/5 (129 download)
Download or read book Asymetric price adjustment and economic fluctuations written by Carlos Balseyro Rodriguez and published by . This book was released on 1992 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : P. A. Tinsley
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.E/5 ( 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 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : 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 : 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 : 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 :
Publisher :
ISBN 13 :
Total Pages : 15 pages
Book Rating : 4.:/5 (262 download)
Download or read book Asymmetric Price Adjustment in the Small written by and published by . This book was released on 2007 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Asymmetric Price Adjustment in the Small written by and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : Mr.Douglas Laxton
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (318 download)
Download or read book Asymmetric Effects of Economic Activityon Inflation written by Mr.Douglas Laxton and published by International Monetary Fund. This book was released on 1994-11 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the evidence on asymmetries in the effects of activity on inflation. Data for the G-7 countries are found to strongly support the view that the inflation-activity relationship is nonlinear, with high levels of activity raising inflation by more than low levels decrease it. In the face of such asymmetries, the average level of output in an economy subject to demand shocks will be below the level of output at which there is no tendency for inflation to rise or fall, contrary to the implications of linear models. One implication of these results is that policymakers can raise the average level of output over time by responding promptly to demand shocks, thus reducing the variance of output around trend.
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Author : Danziger, Leif
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (55 download)
Download or read book A Dynamic Economy with Costly Price Adjustment [electronic Resource] written by Danziger, Leif and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael M. Knetter
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (133 download)
Download or read book Is Price Adjustment Asymmetric? : Evaluation the Market Share and Marketing Bottlenecks Hypothesis written by Michael M. Knetter and published by . This book was released on 1992 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : 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.
