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Author : Geoffrey Hoyt Moore
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (327 download)
Download or read book The Cyclical Behavior of Prices written by Geoffrey Hoyt Moore and published by . This book was released on 1971 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Julio Rotemberg
Publisher :
ISBN 13 :
Total Pages : 107 pages
Book Rating : 4.:/5 (397 download)
Download or read book The Cyclical Behavior of Price and Costs written by Julio Rotemberg and published by . This book was released on 1998 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: Because inputs are scarce, marginal cost is an increasing function of output. Diminishing returns, costs of increasing employment as well as the increasing marginal disutility of working when hours worked and effort rise all contribute to make this function steep. Without changes in this function relating marginal cost to output, aggregate output can vary if and only if the markup of price to marginal cost (the inverse of real marginal cost for typical firms) varies. We first study whether, empirically, real marginal cost does rise in cyclical expansions. Average real labor cost is not very pro-cyclical but, for several reasons, marginal labor cost is more procyclical than average labor cost. These include the presence of overhead labor and adjustment costs as well as differences between the marginal and average wage. These corrections results in procyclical measures of real marginal cost. Measures of marginal costs based on materials costs and inventories also appear procyclical. We show that these procyclical movements in marginal cost may, depending on how costs are modeled, account for a substantial fraction of cyclical output movements. Finally, we survey models of variable markups. These include both models of sticky prices (in which markups vary because firms cannot all costlessly charge the markup they desire) and models in which firms' desired markup varies over time. This set of models allows a rich set of variables to affect output even if these variables do not shift the marginal cost schedule.
Author : Julio Rotemberg
Publisher :
ISBN 13 :
Total Pages : 128 pages
Book Rating : 4.3/5 (243 download)
Download or read book The Cyclical Behavior of Prices and Costs written by Julio Rotemberg and published by . This book was released on 1999 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: Because inputs are scarce, marginal cost should be an increasing function of output. Without changes in this real marginal cost schedule, aggregate output can vary if and only if the markup of price over marginal cost varies. In this review, we discuss the extent to which observed fluctuations in aggregate economic activity depend upon such variations in average markups. We first study whether, empirically, real marginal cost rises in cyclical expansions. Average real labor cost is not very procyclical, but, for reasons such as overhead labor and adjustment costs, marginal labor cost should be more procyclical. Measures of marginal cost based on materials costs and inventories also appear procyclical. We next show that countercyclical markup variation may, depending upon how costs are modeled, account for a substantial fraction of cyclical output movements. We also show that the observed procyclical variations in productivity and profits are consistent with the hypothesis that cyclical variations in output are primarily due to markup variations than to shifts in the real marginal cost schedule. Finally, we survey theories of endogenous markup variation. These include both models of sticky and models in which firms' desired markup varies over time.
Author : Mark Joseph Bils
Publisher :
ISBN 13 :
Total Pages : 278 pages
Book Rating : 4.:/5 (135 download)
Download or read book Essays on the Cyclical Behavior of Cost and Price written by Mark Joseph Bils and published by . This book was released on 1985 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christopher J. Nekarda
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (851 download)
Download or read book The Cyclical Behavior of the Price-Cost Markup written by Christopher J. Nekarda and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A countercyclical markup of price over marginal cost is the key transmission mechanism for demand shocks in textbook New Keynesian (NK) models. This paper re-examines the foundation of those models. We study the cyclicality of markups in the private economy as well as in detailed manufacturing industries. First, we show that frameworks for measuring markups that have produced the strongest evidence for countercyclicality produce the opposite result when we substitute new methods and data. Second, because the NK model's predictions differ by the nature of the shock, we present evidence on the cyclicality of the markup conditional on various types of shocks. Consistent with the NK model, we find that markups are procyclical conditional on a technology shock. However, we find that they are either procyclical or acyclical conditional on demand shocks. Thus, the textbook NK explanation for the effects of government spending or monetary policy is not supported by the behavior of the markup.
Author : Mr.Bankim Chadha
Publisher : International Monetary Fund
ISBN 13 : 1451851073
Total Pages : 44 pages
Book Rating : 4.4/5 (518 download)
Download or read book Are Prices Countercyclical? written by Mr.Bankim Chadha and published by International Monetary Fund. This book was released on 1992-10-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the comovement of prices with the cyclical component of output. It argues that determining the cyclical behavior of prices by applying the same stationarity-inducing transformation to the levels of both output and prices, and examining the correlations of the resulting series, can be misleading. A more appropriate procedure is to examine the correlations between the rate of inflation and the level of the cyclical component of output. In post-war U.S. data the correlations between similarly transformed price and output data are consistently and often strongly negative, as reported recently by a number of authors as evidence of countercyclical price behavior. The rate of inflation, however, is consistently and usually strongly positively correlated with various measures of the cyclical component of output.
Author : Mr.Bankim Chadha
Publisher : International Monetary Fund
ISBN 13 : 1451851472
Total Pages : 28 pages
Book Rating : 4.4/5 (518 download)
Download or read book Are Prices Countercyclical? Evidence From the G-7 written by Mr.Bankim Chadha and published by International Monetary Fund. This book was released on 1994-08-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper re-examines the cyclical behavior of prices using postwar quarterly data for the G-7. We confirm recent evidence that the price level is countercyclical. However, we find strong evidence that the inflation rate is procyclical in our sample. Our results show the importance of making a clear distinction between inflation and the cyclical component of the price level when reporting and interpreting stylized facts regarding business cycles.
Author : John P. Judd
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Cyclical Behavior of Prices written by John P. Judd and published by . This book was released on 1993 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mark Bils
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.3/5 ( download)
Download or read book Cyclical Pricing of Durable Goods written by Mark Bils and published by . This book was released on 1989 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: I examine price markups in monopolisticly-competitive markets that experience fluctuations in demand because the economy experiences cyclical fluctuations in productivity. Markups depend positively on the average income of purchasers in the market. For a nondurable good average income of purchasers is procyclical; so the markup is procyclical. For a durable good. however. the average income of purchasers is likely to decrease in booms because low income consumers of the good concentrate their purchases in boom periods; so the markup is likely countercyclical. This is particularly true for growing markets. I find markups make the aggregate economy fluctuate more in response to productivity if goods are sufficiently durable.
Author : Federal Trade Federal Trade Commission
Publisher : CreateSpace
ISBN 13 : 9781514157091
Total Pages : 52 pages
Book Rating : 4.1/5 (57 download)
Download or read book Market Power and the Cross-Industry Behavior of Prices Around a Business Cycle Trough written by Federal Trade Federal Trade Commission and published by CreateSpace. This book was released on 2015-06-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our paper examines the behavior of prices in a large number of highly-disaggregated industries around the trough of the business cycle. We conclude that the degree to which prices are pro- or counter- cyclical differs between business cycle peaks and business cycle troughs, and that the cyclical behavior of prices varies substantially across industries. We also observe a tendency for industry prices to rise immediately following a business cycle trough. In general, we accept a market power explanation for that observation: either oligopolists pricing above marginal cost take advantage of a cyclical tendency for demand functions to grow more inelastic in the early stages of a boom or else interfirm coordination becomes more effective after a trough. From the behavior of prices as a recession ends and a boom begins, our paper also identifies a set of industries likely on average to be exercising market power.
Author : Xue Li
Publisher :
ISBN 13 :
Total Pages : 128 pages
Book Rating : 4.:/5 (973 download)
Download or read book The Cyclical Behavior of Prices and Inflation written by Xue Li and published by . This book was released on 2015 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper documents business cycle facts of prices and the inflation rate for the United States from 1959:Q1 to 2013:Q3. Prices are countercyclical and the inflation rate is procyclical. In addition, prices lead the overall cycle by two quarters and the inflation rate lags the overall cycle by three quarters. To account for the observed cyclical behavior, two models are applied and extended including a business cycle model with endogenous money supply (Freeman and Huffman 1991) and a DSGE model with sticky prices (Ireland 2003). The former model only generates countercyclical prices but not procyclical inflation or the phase shift of prices relative to the overall cycle. For the latter model, its sticky-price version captures all the observed cyclical facts; whereas its flexible-price version fails to capture the procyclical behavior of inflation and the phase shift of prices relative to output. Better performance of the sticky-price model indicates that nominal rigidity can account for the cyclical behavior of prices and inflation. Thus, a powerful empirical business cycle model should incorporate a reasonable degree of price stickiness.
Author : Thomas F. Cooley
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.:/5 (753 download)
Download or read book The Cyclical Behavior of Prices written by Thomas F. Cooley and published by . This book was released on 1989 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Olivier J. Blanchard
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.3/5 ( download)
Download or read book Cyclical Behavior of Prices and Quantities in the Automobile Market written by Olivier J. Blanchard and published by . This book was released on 1984 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper has a simple goal, that of understanding the joint behaviorof prices and quantities in a particular market. More precisely, it examines whether we can find decision problems for suppliers and buyers, together with a market equilibrium structure, which are consistent with the observed price and quantity time series. Because of the relative homogeneity of the product, of the size of the market, end of the quality of the data, the market chosen is the automobile market. The first conclusion we reach is that this goal is difficult to achieve. The behavior of prices appears inconsistent with simple -- competitive, monopolistically competitive or monopolistic -- market structures. Prices appear, in a well defined sense, to be too "sticky". We then consider potentiail explanations and extensions. None appears completely satisfactory. In particular, the introduction of costs of changing prices does not seem able to explain the joint behavior of prices and quantities
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Author : Geoffrey Hoyt Moore
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (251 download)
Download or read book The Cyclical Behavior [behaviour] of Prices written by Geoffrey Hoyt Moore and published by . This book was released on 1971 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kathleen Ann Pulling
Publisher :
ISBN 13 :
Total Pages : 514 pages
Book Rating : 4.3/5 (121 download)
Download or read book Market Structure and the Cyclical Behavior of Prices and Profits, 1949-1975 written by Kathleen Ann Pulling and published by . This book was released on 1977 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christopher Hanes
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Degrees of Processing and Changes in the Cyclical Behavior of Prices in the United States, 1869-1990 written by Christopher Hanes and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Price indices for periods before the Second World War place more weight on less-processed products than do their post-war counterparts, to an extent that exaggerates the change over time in the composition of aggregate output. Prices of less-processed products are especially procyclical in levels and inflation rates. Thus, comparisons between historical and post-war series can give biased measures of changes in the cyclical behavior of the aggregate price level. Also, changes in the behavior of the aggregate price level must be distinguished from changes in the behavior of prices of given products, subject to a given degree of processing.
Author : Faith Gretchen Halfter
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (769 download)
Download or read book The Cyclical Behavior of Materials' Prices in United States Industry, 1947 to 1965 written by Faith Gretchen Halfter and published by . This book was released on 1967 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
