A dynamic economy with costly price adjustments

被引：60

作者：

Danziger, L ^{[1
]}

机构：

[1] York Univ, Dept Econ, N York, ON M3J 1P3, Canada

来源：

AMERICAN ECONOMIC REVIEW | 1999年 / 89卷 / 04期

关键词：

D O I：

10.1257/aer.89.4.878

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper studies a general-equilibrium model of a dynamic economy with menu costs. Each firm's productivity is exposed to idiosyncratic and aggregate productivity shocks around a trend, and the money supply to monetary shocks around a trend. All consumption, pricing, and production decisions are based on optimizing behavior. There exists a staggered Markov perfect equilibrium with prices determined by a two-sided (s, S) markup strategy. The paper analyzes the optimal markup strategy and investigates the dynamics of the price index and the aggregate output. The welfare consequences of the uncertain aggregate productivity and money supply are also examined. (JEL E31, E32).

引用

页码：878 / 901

页数：24

共 26 条

[1]

AKERLOF GA, 1985, Q J ECON, V100, P823

[2] ARE PRICES TOO STICKY [J].