Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download The Relationship Between Price Dispersion And Inflation full books in PDF, epub, and Kindle. Read online The Relationship Between Price Dispersion And Inflation ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author : David Fielding
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Relationship Between Price Dispersion and Inflation written by David Fielding and published by . This book was released on 2001 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sascha Becker
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (838 download)
Download or read book What Drives the Relationship Between Inflation and Price Dispersion? written by Sascha Becker and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent monetary search and Calvo-type models predict that the relationship between inflation and price dispersion is U-shaped, implying an optimal rate of inflation above zero. Moreover, monetary search models emphasize a critical dependence of the real effects of inflation on sellers' market power, whereas Calvotype models suggest that the degree of price rigidity significantly affects the inflation - price dispersion nexus. Using a new set of highly disaggregated sectoral price data from a panel of European countries, this paper contributes to the literature by testing the empirical relevance of these two theoretical predictions. In line with monetary search theory, a U-shaped profile is found, provided that markups are sufficiently high, but the relationship breaks down under a more competitive environment. Contrarily, no evidence is found to support the contentions of Calvo-type models: U-shaped effects of inflation occur in product sectors with sticky as well as highly flexible prices. -- Inflation ; Relative price variability ; Price level index ; Euro-area ; Market structure ; Monetary search model ; Dynamic panel data models
Author : Viacheslav Sheremirov
Publisher :
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (13 download)
Download or read book Price Dispersion and Inflation written by Viacheslav Sheremirov and published by . This book was released on 2015 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: From a macroeconomic perspective, price rigidity is often perceived to be an important source of price dispersion, with significant implications for the dynamic properties of aggregate variables, welfare calculations, and the design of optimal policy. For instance, in standard New Keynesian models, the key cost of business cycles stems from the price dispersion resulting from firms' inability to adjust prices instantaneously. However, different macroeconomic models make conflicting predictions about the level of price dispersion, as well as about its dynamic properties and sensitivity to inflation. These contrasting predictions can help us to discriminate across alternative models. This paper examines the link between price dispersion and inflation, and the role of sales in this relationship.
Author : Theresa Christine Van Hoomissen
Publisher :
ISBN 13 :
Total Pages : 296 pages
Book Rating : 4.:/5 (33 download)
Download or read book Inflation and Equilibrium Price Dispersion written by Theresa Christine Van Hoomissen and published by . This book was released on 1987 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mustafa O. Caglayan
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Inflation, Price Dispersion, and Market Structure written by Mustafa O. Caglayan and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we use a novel data set containing prices from bazaars, convenience stores, and supermarkets in Istanbul to re-examine the relationship between price dispersion and inflation. Although existing evidence is mixed, we find positive and significant relationships between dispersion, on the one hand, and lagged dispersion and unexpected product-specific inflation on the other. We also find evidence that dispersion is initially decreasing in anticipated aggregate inflation but is eventually increasing. Finally, average price duration and dispersion are lowest in the bazaar. This is intuitive, since menu and search costs should be minimal in that market structure.
Author : Marcio de Oliveira Júnior
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Inflation and Price Dispersion written by Marcio de Oliveira Júnior and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper considers the question of information imperfections. The aim is to prove the hypothesis that economic agents make decisions based on imperfect information. In order to do so, it uses correlation between a measure of price dispersion and inflation rates, which are a proxy of the information stock held by agents. Those in favor of the perfectly informed agents theory argue that price dispersion reflects perceived differences in factors like quality, location, market structure and service agreement. If this is correct, changes in price dispersion would occur only if there were changes in these factors. If they are not altered and price dispersion changes, one can come to the conclusion that other factors cause the dispersion. A change in the inflation level brings a good opportunity to look for the other factors. If price dispersion is higher during periods of high inflation rates, this means that the information stock held by agents is one of its determinants. This is due to the hypothesis that the inflation rate is a good proxy of the information stock held by economic agents. Theoretical arguments linking higher inflation to lower information stock are also presented in the paper. So, it can be argued that price dispersion exists partly due to the presence of imperfectly informed agents. A proof for this argument is that price dispersion is higher when the information stock is lower (inflation rates are higher).
Author : J. Joseph Beaulieu
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.3/5 ( download)
Download or read book The Effects of General Inflation and Idiosyncratic Cost Shocks on Within-commodity Price Dispersion written by J. Joseph Beaulieu and published by . This book was released on 1994 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David Fielding
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (472 download)
Download or read book The Ralationship Between Price Dispersion and Inflation written by David Fielding and published by . This book was released on 2001 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Emi Nakamura
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (956 download)
Download or read book The Elusive Costs of Inflation written by Emi Nakamura and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A key policy question is: How high an inflation rate should central banks target? This depends crucially on the costs of inflation. An important concern is that high inflation will lead to inefficient price dispersion. Workhorse New Keynesian models imply that this cost of inflation is very large. An increase in steady state inflation from 0% to 10% yields a welfare loss that is an order of magnitude greater than the welfare loss from business cycle fluctuations in output in these models. We assess this prediction empirically using a new dataset on price behavior during the Great Inflation of the late 1970's and early 1980's in the United States. If price dispersion increases rapidly with inflation, we should see the absolute size of price changes increasing with inflation: price changes should become larger as prices drift further from their optimal level at higher inflation rates. We find no evidence that the absolute size of price changes rose during the Great Inflation. This suggests that the standard New Keynesian analysis of the welfare costs of inflation is wrong and its implications for the optimal inflation rate need to be reassessed. We also find that (non-sale) prices have not become more flexible over the past 40 years.
Author : Peter J. N. Sinclair
Publisher : Routledge
ISBN 13 : 1135179778
Total Pages : 402 pages
Book Rating : 4.1/5 (351 download)
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Author : Volker Hahn
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (13 download)
Download or read book Price Dispersion and the Costs of Inflation written by Volker Hahn and published by . This book was released on 2018 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new Keynesian literature typically makes the assumption that firms always have to satisfy demand. Because this assumption is at odds with profit-maximizing behavior under Calvo pricing when long-run inflation is positive, we present a new Keynesian model that relaxes this assumption. Our model predicts that inflation causes a substantially smaller loss in effective aggregate productivity compared to a benchmark model without the possibility of rationing. Moreover, under positive inflation, firms choose smaller markups over marginal costs in our model than in the benchmark model. As a result, our analysis suggests that the standard new Keynesian model may exaggerate the welfare costs of inflation. We also show that the effects are plausible to be quantitatively important.
Author : Chaim Fershtman
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (318 download)
Download or read book Random Liquidity, Price Dispersion and Inflation written by Chaim Fershtman and published by . This book was released on 1991 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Eytan Sheshinski
Publisher : MIT Press
ISBN 13 : 9780262193320
Total Pages : 546 pages
Book Rating : 4.1/5 (933 download)
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.
Author : Richard A. Ashley
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book On the Granger Causality Between Median Inflation and Price Dispersion written by Richard A. Ashley and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Granger-causal relationship between the size and dispersion of fluctuations in sub-components of the US Consumer Price Index (CPI) is examined using both in-sample and out-of-sample tests and data from January 1968 to December 2008. Strong in-sample evidence is found for feedback between median inflation and price dispersion; the evidence for Granger-causation from median inflation to price dispersion remains strong in out-of-sample testing, but is less strong for Granger-causation in the opposite direction. The implications of these results for the variety of price-level determination models in the literature are discussed.
Author : David C. Parsley
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Inflation and Relative Price Dispersion in Equity Markets and in Goods and Services Markets written by David C. Parsley and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the link between inflation and the variability of relative prices in U.S. equity markets and in U.S. goods and services markets. We find strong, comparable links in both sets of markets. This finding represents a puzzle since conventional wisdom ? derived from menu cost or imperfect information models ? is not compelling in equity markets. We next examine whether we can attribute the results to small sample biases. We do find an important but generally overlooked bias that is present in many existing studies. However, the bias is too small to explain our own findings, and the puzzle remains.
Author : Massimo Caruso
Publisher :
ISBN 13 :
Total Pages : 84 pages
Book Rating : 4.:/5 (326 download)
Download or read book Inflation and Relative Price Dispersion written by Massimo Caruso and published by . This book was released on 1995 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David J. Stockton
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.E/5 ( download)
Download or read book A Keynesian Approach to the Relationship Between Relative Price Dispersion and Aggregate Price Movement written by David J. Stockton and published by . This book was released on 1985 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
