On Two Concepts of Relative Price Variability
Author | : T. Schatteles |
Publisher | : |
Total Pages | : 66 |
Release | : 1983 |
Genre | : |
ISBN | : |
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Author | : T. Schatteles |
Publisher | : |
Total Pages | : 66 |
Release | : 1983 |
Genre | : |
ISBN | : |
Author | : Angel Viqueira Palerm |
Publisher | : |
Total Pages | : 544 |
Release | : 1990 |
Genre | : Inflation (Finance) |
ISBN | : |
Author | : Eytan Sheshinski |
Publisher | : MIT Press |
Total Pages | : 546 |
Release | : 1993 |
Genre | : Business & Economics |
ISBN | : 9780262193320 |
These collected articles constitute what is perhaps the definitive study of pricing models under inflation, providing a solid basis for further research on this elusive question. What are the real effects of inflation? These collected articles constitute what is perhaps the definitive study of pricing models under inflation, providing a solid basis for further research on this elusive question. Covering a broad range of theory and applications by well-known microeconomists, the eighteen contributions evaluate the effects of inflation on aggregate output and on welfare and reveal the scope of recent efforts to explicitly incorporate frictions in economic models. A basic building block common to most of the essays in this volume is the observation that individual firms change nominal prices intermittently. The frequency and size of nominal price changes are influenced by the cost of price adjustment and changes in the economic environment, production costs, market demand, market structure, and most important, inflation. Thus the degree of nominal rigidity is influenced by the economic environment, and in a dynamic context. Two introductory essays survey the empirical studies of pricing policies by individual firms and the theoretical efforts to integrate the nominal rigidities at the micro level into macro relationships. The essays that follow treat the general problem of optimal dynamic adjustment in the presence of convex costs of adjustment, include applications of the inventory models to the case of nominal price adjustment by an individual firm, address the question of aggregation, introduce active search by consumers, and provide empirical analysis of nominal price rigidities.
Author | : Ms.Hong Liang |
Publisher | : International Monetary Fund |
Total Pages | : 22 |
Release | : 1998-12-01 |
Genre | : Business & Economics |
ISBN | : 1451980639 |
This paper investigates the relationship between the nominal exchange rate regime and the volatility of relative commodity prices. The analysis shows that the relationship depends upon both the market structure and the economic agent’s perception about future exchange rate movements. When the markets for manufactured goods are less competitive than the markets for primary commodities, the volatility of relative commodity prices rises when exchange rate uncertainty increases. If demand for manufactured goods is intertemporally dependent, even a small increase in exchange rate uncertainty can result in potentially large costs in terms of increased relative commodity price instability.
Author | : Carlos Fernandez Valdovinos |
Publisher | : International Monetary Fund |
Total Pages | : 46 |
Release | : 2011-03-01 |
Genre | : Business & Economics |
ISBN | : 1455221031 |
Using a consistent dataset and methodology for all eight member countries of the West African Economic and Monetary Union (WAEMU) from 1994 to 2009, this paper provides evidence of the two major channels for real effects of inflation: inflation uncertainty and relative price variability. In line with theory and most evidence for advanced and emerging market economies, higher inflation increases inflation uncertainty and relative price variability in all WAEMU countries. However, the pattern, magnitude and timing of these two channels vary considerably by country. The findings raise several policy issues for future research.
Author | : Leonardo Leiderman |
Publisher | : University of Chicago Press |
Total Pages | : 364 |
Release | : 1993-07-15 |
Genre | : Business & Economics |
ISBN | : 9780226471105 |
During the early 1980s, Israel's inflation rate rose to almost 500% per year—one of the highest inflation rates in the developed world. In 1985, the Israeli government implemented a program that immediately reduced inflation to 15%-20%, where it remained for the rest of the decade. How did the economy deal with these major changes so rapidly and successfully? In these eighteen articles, Leonardo Leiderman discusses why the Israeli plan worked and considers how other countries might benefit from similar policies. Even though standard economic models predict that output will drop and unemployment will rise during disinflation, Israel saw a boom in private consumption and large increases in real wages that lasted for about three years. To understand how the effects of Israeli disinflation policies defied typical expectations, Leiderman investigates how monetary fiscal policy determined Israel's runaway inflation and how the country brought its economy abruptly under control. He finds that rates of inflation and consumption depend on the public's expectations about future fiscal adjustments and that foreign trade shocks do not inevitably lead to a long-term rise in the inflation rate. His illumination of international trade and domestic policies, past and present, will interest academic economists and policymakers alike.
Author | : Miklós Koren |
Publisher | : |
Total Pages | : 17 |
Release | : 2004 |
Genre | : |
ISBN | : 9789639588233 |
Author | : |
Publisher | : |
Total Pages | : 582 |
Release | : 1968 |
Genre | : Weights and measures |
ISBN | : |
Author | : Saul I. Gass |
Publisher | : |
Total Pages | : 584 |
Release | : 1980 |
Genre | : Energy policy |
ISBN | : |
Author | : Saul I. Gass |
Publisher | : |
Total Pages | : 1144 |
Release | : 1980 |
Genre | : Energy policy |
ISBN | : |