Optimum Pricing Policy Under Stochastic Inflation

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Optimum Pricing Policy Under Stochastic Inflation

Author : Eytan Sheshinski
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (188 download)

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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.

Optimal Pricing, Inflation, and the Cost of Price Adjustment

Author : Eytan Sheshinski
Publisher : MIT Press
ISBN 13 : 9780262193320
Total Pages : 546 pages
Book Rating : 4.1/5 (933 download)

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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.

The Economics of Inaction

Author : Nancy L. Stokey
Publisher : Princeton University Press
ISBN 13 : 0691135053
Total Pages : 321 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis The Economics of Inaction by : Nancy L. Stokey

Download or read book The Economics of Inaction written by Nancy L. Stokey and published by Princeton University Press. This book was released on 2009 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: In The Economics of Inaction, leading economist Nancy Stokey shows how the tools of stochastic control can be applied to dynamic problems of decision making under uncertainty when fixed costs are present. Stokey provides a self-contained, rigorous, and clear treatment of two types of models, impulse and instantaneous control. She presents the relevant results about Brownian motion and other diffusion processes, develops methods for analyzing each type of problem, and discusses applications to price setting, investment, and durable goods purchases."--Pub. desc.

Use of Survey Data for Industry, Research and Economic Policy: Selected Papers Presented at the 24th CIRET Conference, Wellington, New Zealand 1999

Download Use of Survey Data for Industry, Research and Economic Policy: Selected Papers Presented at the 24th CIRET Conference, Wellington, New Zealand 1999 PDF Online Free

Author : Karl Heinrich Oppenlander
Publisher : Routledge
ISBN 13 : 1351752006
Total Pages : 591 pages
Book Rating : 4.3/5 (517 download)

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Book Synopsis Use of Survey Data for Industry, Research and Economic Policy: Selected Papers Presented at the 24th CIRET Conference, Wellington, New Zealand 1999 by : Karl Heinrich Oppenlander

Download or read book Use of Survey Data for Industry, Research and Economic Policy: Selected Papers Presented at the 24th CIRET Conference, Wellington, New Zealand 1999 written by Karl Heinrich Oppenlander and published by Routledge. This book was released on 2018-02-06 with total page 591 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2000: This text offers a comprehensive collection of selected papers from the 24th Centre for International Research on Economic Tendency Surveys (CIRET) conference. Areas selected include leading indicators and turning points, classifications of business cycles, survey data and policy decisions, attitudes and behaviour of firms, and economic forecasting. The text aims to be of interest to all those concerned with the use of business and consumer surveys in a global context.

Imperfect Competition and Sticky Prices

Author : N. Gregory Mankiw
Publisher : MIT Press
ISBN 13 : 9780262631334
Total Pages : 448 pages
Book Rating : 4.6/5 (313 download)

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Book Synopsis Imperfect Competition and Sticky Prices by : N. Gregory Mankiw

Download or read book Imperfect Competition and Sticky Prices written by N. Gregory Mankiw and published by MIT Press. This book was released on 1991 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: These two volumes bring together a set of important essays that represent a "new Keynesian" perspective in economics today. This recent work shows how the Keynesian approach to economic fluctuations can be supported by rigorous microeconomic models of economic behavior. The essays are grouped in seven parts that cover costly price adjustment, staggering of wages and prices, imperfect competition, coordination failures, and the markets for labor, credit, and goods. An overall introduction, brief introductions to each of the parts, and a bibliography of additional papers in the field round out this valuable collection.Volume 1 focuses on how friction in price setting at the microeconomic level leads to nominal rigidity at the macroeconomic level, and on the macroeconomic consequences of imperfect competition, including aggregate demand externalities and multipliers. Volume 2 addresses recent research on non-Walrasian features of the labor, credit, and goods markets. Contributors George A Akerlof, Costas Azariadis, Laurence Ball, Ben S. Bernanke, Mark Bits, Olivier J. Blanchard, Alan S. Blinder, John Bryant, Andrew S. Caplin, Dennis W. Carlton, Stephen G. Cecchetti, Russell Cooper, Peter A. Diamond, Gary Fethke, Stanley Fischer, Robert E. Hall, Oliver Hart, Andrew John, Nobuhiro Kiyotaki, Alan B. Krueger, David M. Lilien, Ian M. McDonald, N. David Mankiw, Arthur M. Okun, Andres Policano, David Romer, Julio J. Rotemberg, Garth Saloner, Carl Shapiro, Andrei Shleifer, Robert M. Solow, Daniel F. Spulber, Joseph E. Stiglitz, Lawrence H. Summers, John Taylor, Andrew Weiss, Michael Woodford, Janet L. Yellen

Optimal Price Adjustment with Time-dependent Costs

Author : Joshua Aizenman
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.3/5 (9 download)

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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 1984 with total page 26 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.

International Monetary and Financial Integration — The European Dimension

Author : D.E. Fair
Publisher : Springer Science & Business Media
ISBN 13 : 9400936516
Total Pages : 394 pages
Book Rating : 4.4/5 (9 download)

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Book Synopsis International Monetary and Financial Integration — The European Dimension by : D.E. Fair

Download or read book International Monetary and Financial Integration — The European Dimension written by D.E. Fair and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers collected in this volume are those presented at the thirteenth Colloquium arranged by the Societe Universitaire Europeenne de Recherches Financieres (SUERF), which took place in Luxembourg in October 1986. The Society issupported byalargenumberofcentralbanksandcommer cial banks, byother financial and business institutions, by treasury officials and by academics and others interested in monetary and financial prob lems. Since its establishment in 1963 it has developed as a forum for the exchange of information, research results and ideas, valued by academics and practitioners in these fields, including central bank officials and civil servants responsible for formulating and applying monetary and financial policies, national and international. A major 'activity of SUERF is to organize and conduct Colloquia on subjects of topical interest to its mem bers. The titles, places and dates of previous Colloquia for which volumes of the collected papers were published are noted on the last page of this volume. Volumes were not produced for Colloquia held at Tarragona, Spain in October 1970 under the title 'Monetary Policy and New Develop ments inBanking'andatStrasbourg, France inJanuary 1972underthe title 'Aspects ofEuropean Monetary Union'. The previous SUERF Colloquium, at Cambridge in March 1985, had as its subject 'Shifting Frontiers in Financial Markets'

Optimal Monetary Policy under Uncertainty, Second Edition

Author : Richard T. Froyen
Publisher : Edward Elgar Publishing
ISBN 13 : 1784717193
Total Pages : 466 pages
Book Rating : 4.7/5 (847 download)

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Book Synopsis Optimal Monetary Policy under Uncertainty, Second Edition by : Richard T. Froyen

Download or read book Optimal Monetary Policy under Uncertainty, Second Edition written by Richard T. Froyen and published by Edward Elgar Publishing. This book was released on 2019 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a thorough survey of the model-based literature on optimal monetary in a stochastic setting. The survey begins with the literature of the 1970s which focused on the information problem in policy design and extends to the New Keynesian approach of the 1990s which centered on evaluating alternative targeting strategies. New to the second edition is consideration of research since the world financial crisis on the role of financial markets and institutions in the conduct of monetary policy.

Pricing and Price Regulation

Author : D. Bös
Publisher : Elsevier
ISBN 13 : 0080514707
Total Pages : 472 pages
Book Rating : 4.0/5 (85 download)

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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.

Management Under Government Intervention

Author : Robert Franklin Lanzillotti
Publisher : JAI Press(NY)
ISBN 13 :
Total Pages : 320 pages
Book Rating : 4.X/5 ( download)

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Book Synopsis Management Under Government Intervention by : Robert Franklin Lanzillotti

Download or read book Management Under Government Intervention written by Robert Franklin Lanzillotti and published by JAI Press(NY). This book was released on 1984 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Key to Economic Science and Managerial Sciences

Author :
Publisher :
ISBN 13 :
Total Pages : 372 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Key to Economic Science and Managerial Sciences by :

Download or read book Key to Economic Science and Managerial Sciences written by and published by . This book was released on 1983 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Semi-monthly review (with annual indexes) of abstracts on economics, finance, trade, industry, foreign aid, management, marketing, labour.

A Course in Monetary Economics

Author : Benjamin Eden
Publisher : John Wiley & Sons
ISBN 13 : 0470752009
Total Pages : 424 pages
Book Rating : 4.4/5 (77 download)

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Book Synopsis A Course in Monetary Economics by : Benjamin Eden

Download or read book A Course in Monetary Economics written by Benjamin Eden and published by John Wiley & Sons. This book was released on 2008-04-15 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Course in Monetary Economics is an insightful introduction to advanced topics in monetary economics. Accessible to students who have mastered the diagrammatic tools of economics, it discusses real issues with a variety of modeling alternatives, allowing for a direct comparison of the implications of the different models. The exposition is clear and logical, providing a solid foundation in monetary theory and the techniques of economic modeling. The inventive analysis explores an extensive range of topics including the optimum quantity of money, optimal monetary and fiscal policy, and uncertain and sequential trade models. Additionally, the text contains a simple general equilibrium version of Lucas (1972) confusion hypothesis, and presents and synthesizes the results of recent empirical work. The text is rooted in the author's years of teaching and research, and will be highly suitable for monetary economics courses at both the upper-level undergraduate and graduate levels.

The New Macroeconomics

Author : Huw David Dixon
Publisher : Cambridge University Press
ISBN 13 : 9780521479479
Total Pages : 408 pages
Book Rating : 4.4/5 (794 download)

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Book Synopsis The New Macroeconomics by : Huw David Dixon

Download or read book The New Macroeconomics written by Huw David Dixon and published by Cambridge University Press. This book was released on 1995-10-19 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brings together leading researchers from the USA and Europe to examine the literature on the new macroeconomics.

Optimal Fiscal and Monetary Policy Under Sticky Prices

Author : Stephanie Schmitt-Grohé
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.X/5 (6 download)

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Book Synopsis Optimal Fiscal and Monetary Policy Under Sticky Prices by : Stephanie Schmitt-Grohé

Download or read book Optimal Fiscal and Monetary Policy Under Sticky Prices written by Stephanie Schmitt-Grohé and published by . This book was released on 2001 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies optimal .scal and monetary policy under sticky product prices. The theoretical framework is a stochastic production economy without capital. The government finances an exogenous stream of purchases by levying distortionary income taxes, printing money, and issuing one-period nominally risk-free bonds. The main findings of the paper are: First, for a miniscule degree of price stickiness (i.e., many times below available empirical estimates)the optimal volatility of in.ation is near zero. This result stands in stark contrast with the high volatility of inflation implied by the Ramsey allocation when prices are flexible. The finding is in line with a recent body of work on optimal monetary policy under nominal rigidities that ignores the role of optimal fiscal policy. Second, even small deviations from full price flexibility induce near random walk behavior in government debt and tax rates, as in economies with real non-state-contingent debt only. Finally, sluggish price adjustment raises the average nominal interest rate above the one called for by the Friedman rule.

Essays in Honor of Kenneth J. Arrow: Volume 1, Social Choice and Public Decision Making

Author : Walter P. Heller
Publisher : Cambridge University Press
ISBN 13 : 9780521304542
Total Pages : 244 pages
Book Rating : 4.3/5 (45 download)

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Book Synopsis Essays in Honor of Kenneth J. Arrow: Volume 1, Social Choice and Public Decision Making by : Walter P. Heller

Download or read book Essays in Honor of Kenneth J. Arrow: Volume 1, Social Choice and Public Decision Making written by Walter P. Heller and published by Cambridge University Press. This book was released on 1986-09-26 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first of three volumes of essays in honour of the distinguished economic theorist Professor Kenneth J. Arrow.

Economics Letters

Author :
Publisher :
ISBN 13 :
Total Pages : 880 pages
Book Rating : 4.1/5 (765 download)

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Book Synopsis Economics Letters by :

Download or read book Economics Letters written by and published by . This book was released on 1989 with total page 880 pages. Available in PDF, EPUB and Kindle. Book excerpt:

System-Theoretic Methods in Economic Modelling I

Author : S. Mittnik
Publisher : Elsevier
ISBN 13 : 1483296229
Total Pages : 194 pages
Book Rating : 4.4/5 (832 download)

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Book Synopsis System-Theoretic Methods in Economic Modelling I by : S. Mittnik

Download or read book System-Theoretic Methods in Economic Modelling I written by S. Mittnik and published by Elsevier. This book was released on 2014-06-28 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: The value of applying system-theoretic concepts to economic modelling problems arises from the fact that it offers a unifying framework for modelling dynamic systems. In addition to offering this powerful conceptual framework, it provides a wide range of tools useful in applied work. System-theoretic techniques enter predominantly two stages of economic modelling efforts: the stage of model construction and the stage of model application in accordance with the modelling. The objective of this and subsequent volumes on System-Theoretic Methods in Economic Modelling I is to initiate and/or intensify dialogues between researchers and practitioners within and across the disciplines involved. This first volume brings together papers exhibiting a wide range of system-theoretic techniques and applications to economic problems. The papers have been divided into two groups, following roughly--but not necessarily--the above classification into the construction and application stages of economic modelling. The papers in the first group focus on the identification of dynamic and static systems, while the papers in the second group address dynamic optimization problems.