| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10731 |
| DP10731 Logit Price Dynamics | |
| James Costain; Anton Nakov | |
| 发表日期 | 2015-07-19 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We model retail price stickiness as the result of errors due to costly decision-making. Under our assumed cost function for the precision of choice, the timing of price adjustments and the prices firms set are both logit random variables. Errors in the prices firms set help explain micro ?puzzles? relating to the sizes of price changes, the behavior of adjustment hazards, and the variability of prices and costs. Errors in adjustment timing increase the real effects of monetary shocks, by reducing the ?selection effect?. Allowing for both types of errors also helps explain how trend inflation affects price adjustment. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Information-constrained prices Logit equilibrium Near rationality Nominal rigidity State-dependent pricing |
| URL | https://cepr.org/publications/dp10731 |
| 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/539562 |
| 推荐引用方式 GB/T 7714 | James Costain,Anton Nakov. DP10731 Logit Price Dynamics. 2015. |
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