| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6211 |
| DP6211 How Important is Money in the Conduct of Monetary Policy? | |
| Michael Woodford | |
| 发表日期 | 2007-03-23 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper aims at testing the maintained assumption that firms' objective is to maximize the expected net present value (ENPV) of profits. The idea is to examine pricing behaviour of a monopolist facing a dynamic demand where current sales influence future demand. Empirically, I estimate an Euler equation implied by maximization of ENPV of profits on data from the Swedish Tobacco Monopoly's sales of moist snuff (an addictive tobacco product) during the period 1917-1959. It is found that the monopolist's prices are well below those that would maximize ENPV of profits. |
| 主题 | Industrial Organization |
| 关键词 | Firm behaviour Profit maximization |
| URL | https://cepr.org/publications/dp6211 |
| 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/535046 |
| 推荐引用方式 GB/T 7714 | Michael Woodford. DP6211 How Important is Money in the Conduct of Monetary Policy?. 2007. |
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