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Optimal Pricing Inflation And The Cost Of Price Adjustment
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Book Synopsis Optimal Pricing, Inflation, and the Cost of Price Adjustment by : Eytan Sheshinski
Download or read book Optimal Pricing, Inflation, and the Cost of Price Adjustment written by Eytan Sheshinski and published by MIT Press. This book was released on 1993 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt: These collected articles constitute what is perhaps the definitive study of pricing models under inflation, providing a solid basis for further research on this elusive question. What are the real effects of inflation? These collected articles constitute what is perhaps the definitive study of pricing models under inflation, providing a solid basis for further research on this elusive question. Covering a broad range of theory and applications by well-known microeconomists, the eighteen contributions evaluate the effects of inflation on aggregate output and on welfare and reveal the scope of recent efforts to explicitly incorporate frictions in economic models. A basic building block common to most of the essays in this volume is the observation that individual firms change nominal prices intermittently. The frequency and size of nominal price changes are influenced by the cost of price adjustment and changes in the economic environment, production costs, market demand, market structure, and most important, inflation. Thus the degree of nominal rigidity is influenced by the economic environment, and in a dynamic context. Two introductory essays survey the empirical studies of pricing policies by individual firms and the theoretical efforts to integrate the nominal rigidities at the micro level into macro relationships. The essays that follow treat the general problem of optimal dynamic adjustment in the presence of convex costs of adjustment, include applications of the inventory models to the case of nominal price adjustment by an individual firm, address the question of aggregation, introduce active search by consumers, and provide empirical analysis of nominal price rigidities.
Book Synopsis Optimal Price Adjustment with Time-Dependent Costs by : Joshua Aizenman
Download or read book Optimal Price Adjustment with Time-Dependent Costs written by Joshua Aizenman and published by . This book was released on 2010 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to analyze an optimal pricing rule for the case in which the costs of price adjustment are time dependent, and where those costs depend positively on the magnitude of the percentage price change. By means of discrete time model, it is shown that the optimal response to the problem under consideration is to pre-set prices for each period at the end of the previous period. Within the period prices will adjust if the unexpected shock exceeds a threshold level. In such a case the new price is established at a level that is a weighted average of the pre-set level and of the equilibrium level that would have obtained in the absence of costs of contemporaneous price adjustment. Under certain conditions, which are derived in the paper, higher volatility of unexpected inflation might reduce relative price volatility.
Book Synopsis Microeconomic Price Adjustments and Inflation by : Angel Estrada
Download or read book Microeconomic Price Adjustments and Inflation written by Angel Estrada and published by . This book was released on 1999 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Illustrates the implications for aggregate price dynamics of alternative characterizations of microeconomic price adjustment policies.
Book Synopsis Relative Price Changes and the Optimal Inflation Rate by : Alexander L. Wolman
Download or read book Relative Price Changes and the Optimal Inflation Rate written by Alexander L. Wolman and published by . This book was released on 2016 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Relative prices of some goods or sectors have long-run trends: For example, the price of services relative to goods has been rising fairly steadily for decades. Other relative prices do not have long-run trends but sometimes fluctuate dramatically from one period to the next. How should monetary policy behave in the face of these trends and fluctuations? I use a model with costly price adjustment to study the optimal rate of inflation when there are trends in relative prices and to construct hypothetical U.S. inflation rates that would have minimized the costs of price adjustment implied by the model.
Book Synopsis Nominal Rigidities and the Optimal Rate of Inflation by : Torben M. Andersen
Download or read book Nominal Rigidities and the Optimal Rate of Inflation written by Torben M. Andersen and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation may enhance the efficiency of the price system in the presence of nominal rigidities. For the price system to function efficiently there is a need for nominal prices to adjust both to real and nominal shocks for relative prices to disseminate the appropriate signals. Since the incentive for price setters to change prices depends not only on the costs of changing prices but also on the realized shocks, it follows that the rate of inflation may affect the incentive to change prices. The higher the rate of inflation the larger the incentive to change prices, and in the presence of real shocks requiring adjustment of relative prices this may lead to a better functioning price system. Empirical evidence supports that nominal rigidities are more prevalent at low rates of inflation. It follows that there can be welfare costs of targeting inflation at too low a level.
Book Synopsis Search and Inflation by : Sheila Najberg
Download or read book Search and Inflation written by Sheila Najberg and published by . This book was released on 1994 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pricing and Price Regulation by : D. Bös
Download or read book Pricing and Price Regulation written by D. Bös and published by Elsevier. This book was released on 2015-12-04 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: This clear, precisely written text presents an important branch of the modern, micro-economically based theory of industrial organization and of public finance, utilizing calculus only. Answers are provided to some pertinent economic questions, such as the pricing policies of vote-seeking politicians, of empire-building bureaucrats and of out-put-maximizing and energy-saving public utilities. These policies are compared with the welfare economic benchmark rules e.g. on marginal cost pricing and Ramsey pricing. Great significance is attached to price regulation. The book elucidates the recent replacement of rate of return regulation by price-cap regulation. It also explains why many simple rules like yardstick regulation fail to achieve optimal prices, which shows how complicated it is to induce managers to truthfully reveal their private information. How this can be achieved properly is shown in various principal-agent models on regulation with uncertain costs, uncertain demand and with soft budget constraints.
Book Synopsis Uncertain Inflation and the Optimal Policy of Price Adjustments by : Leif Danziger
Download or read book Uncertain Inflation and the Optimal Policy of Price Adjustments written by Leif Danziger and published by . This book was released on 1981 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On the Aggregate Implications of Optimal Price Adjustment by : Barry Vincent Cozier
Download or read book On the Aggregate Implications of Optimal Price Adjustment written by Barry Vincent Cozier and published by . This book was released on 1989 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Price Adjustment Under Inflation, and Rules of Trade by : Timur Kuran
Download or read book Price Adjustment Under Inflation, and Rules of Trade written by Timur Kuran and published by . This book was released on 1982 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Margaret E. Slade Publisher :Department of Economics, University of British Columbia ISBN 13 : Total Pages :33 pages Book Rating :4.:/5 (258 download)
Book Synopsis Optimal Pricing with Costly Adjustment: Evidence from Retail-grocery Prices by : Margaret E. Slade
Download or read book Optimal Pricing with Costly Adjustment: Evidence from Retail-grocery Prices written by Margaret E. Slade and published by Department of Economics, University of British Columbia. This book was released on 1996 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Price Setting with Observation and Menu Costs by : Fernando Alvarez
Download or read book Optimal Price Setting with Observation and Menu Costs written by Fernando Alvarez and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: We model the optimal price setting problem of a firm in the presence of both information and menu costs. In this problem the firm optimally decides when to collect costly information on the adequacy of its price, an activity which we refer to as a price "review". Upon each review, the firm chooses whether to adjust its price, subject to a menu cost, and when to conduct the next price review. This behavior is consistent with recent survey evidence documenting that firms revise prices infrequently and that only a few price revisions yield a price adjustment. The goal of the paper is to study how the firm's choices map into several observable statistics, depending on the level and relative magnitude of the information vs the menu cost. The observable statistics are: the frequency of price reviews, the frequency of price adjustments, the size-distribution of price adjustments, and the shape of the hazard rate of price adjustments. We provide an analytical characterization of the firm decisions and a mapping from the structural parameters to the observable statistics. We compare these statistics with the ones obtained for the models with only one type of cost. The predictions of the model can, with suitable data, be used to quantify the importance of the menu cost vs. the information cost. We also consider a version of the model where several price adjustment are allowed between observations, a form of price plans or indexation. We find that no indexation is optimal for small inflation rates. Hard-copy subscribers may access the tables for this paper here
Book Synopsis Optimum Pricing Policy Under Stochastic Inflation by : Eytan Sheshinski
Download or read book Optimum Pricing Policy Under Stochastic Inflation written by Eytan Sheshinski and published by . This book was released on 1982 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we consider pricing policies of individual firms in an inflationary environment. Each firm expects the general price level increase and must determine the rate of increase of its own price. It is assumed that the firm incurs an adjustment cost when it changes its nominal price. Consequently, firms choose to change prices occasionally rather than continuously. Our purpose is to analyze the dependence of the magnitude and the frequency of nominal price changes on the inflationary process. This problem has been analyzed by Sheshinski and Weiss 1977 and 1979 for the case of a fixed and certain rate of increase in the aggregate price level. This paper extends the analysis to the case of uncertainty.
Book Synopsis The Turkish Economy by : Sumru G. Altug
Download or read book The Turkish Economy written by Sumru G. Altug and published by Routledge. This book was released on 2006-04-18 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Including contributions from noted international scholars, this collection of papers provides a strong theoretical and empirical underpinning for the discussion of major public policy issues facing Turkey today. Matters addressed include: determinants of growth and productivity education and human capital accumulation income inequality corporate control and government performance of the government sector impact of major public policy issues on the future growth prospects of the Turkish economy. This volume relates the impact of major public policy issues on the future growth prospects of the Turkish economy. At a time when Turkey is currently attempting to gain membership to the European Union, this pertinent reference questions whether the country's economy is in fact ready for EU accession and membership.
Book Synopsis Asymmetric Price Adjustment and Economic Fluctuations by : Laurence M. Ball
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:
Book Synopsis On the Optimal Policy of Price Adjustments, when Demand and Cost are Uncertain by : Leif Danziger
Download or read book On the Optimal Policy of Price Adjustments, when Demand and Cost are Uncertain written by Leif Danziger and published by . This book was released on 1981 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Monetary Policy with the Sticky Information Model of Price Adjustment by : M. Murat Arslan
Download or read book Optimal Monetary Policy with the Sticky Information Model of Price Adjustment written by M. Murat Arslan and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: I investigate the optimal monetary policy in a New Keynesian macroeconomic framework with the sticky information model of price adjustment. The model is solved for optimal policy, and welfare implications of three alternative monetary policy regimes under this optimal policy are compared when there is a cost-push shock to the economy. These monetary policy regimes are the unconstrained policy, price-level targeting and inflation targeting regimes. The results illustrate that optimal policy depends on the degree of price stickiness and the persistence of the shock. Inflation targeting emerges as the optimal policy if prices are flexible enough or the shock is persistent enough. However, the unconstrained policy or price-level targeting might be preferable to inflation targeting if prices are not very flexible and the shock is not very persistent. The results also show that as prices become more flexible, the welfare loss usually gets bigger.
