| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5763 |
| DP5763 Resource Allocation and Firm Scope | |
| Guido Friebel; Michael Raith | |
| 发表日期 | 2006-07-17 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | We study optimal price setting by a monopolist in an infinite horizon model with stochastic costs, moderate inflation, and costly price adjustment. For realistic parameters, chosen to replicate observed frequencies of price changes, the model fits numerically several empirical regularities. In particular, price reductions are larger but less frequent than price increases, and prices respond considerably faster to cost increases than to cost decreases. The associated kink in the steady state short-run Phillips curve implies that the output loss associated with a small negative inflation surprise is about twice as large as the output gain associated with a small positive inflation surprise. |
| 主题 | International Macroeconomics |
| 关键词 | Asymmetric price adjustment Downward rigidity Menu costs Phillips curve |
| URL | https://cepr.org/publications/dp5763 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534605 |
| 推荐引用方式 GB/T 7714 | Guido Friebel,Michael Raith. DP5763 Resource Allocation and Firm Scope. 2006. |
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