| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w7311
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| 来源ID | Working Paper 7311
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| Understanding How Price Responds to Costs and Production |
| Mark Bils; Yongsung Chang
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| 发表日期 | 1999-08-01
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| 出版年 | 1999
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| 语种 | 英语
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| 摘要 | The importance of sticky prices in business cycle fluctuations has been debated for many years. But we argue, based on a large empirical literature from the 1950's and 60's, that it is necessary to distinguish the response of price to an increase in factor prices from its response to an increase in marginal cost generated by an expansion in production. Consistent with that earlier literature, we find for 450 U.S. manufacturing industries that prices do respond more to increases in costs driven by changes in factor prices than to increases in marginal cost precipitated by expansions in output. We explore two models that can potentially explain these findings. Both break the link between price and marginal cost, thereby generating what one might naively interpret as average-cost pricing. The first is driven by firms pricing to limit entry. The second is driven by firms pricing to limit non-price competition within their market. |
| 主题 | Macroeconomics
; Business Cycles
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| URL | https://www.nber.org/papers/w7311
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564849
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推荐引用方式
GB/T 7714 |
Mark Bils,Yongsung Chang. Understanding How Price Responds to Costs and Production. 1999.
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文件名：
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w7311.pdf
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格式：
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Adobe PDF
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