Publikation:

Price points and price dynamics

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2020

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https://doi.org/10.1016/j.jmoneco.2019.05.007
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Journal of Monetary Economics. Elsevier. 2020, 115, pp. 127-144. ISSN 0304-3932. eISSN 1873-1295. Available under: doi: 10.1016/j.jmoneco.2019.05.007

Zusammenfassung

A standard model of price-setting is extended to include an important role for price points as well as sticky information. It makes empirically reasonable predictions about the frequency of price adjustments, the sizes of price increases and decreases, the shape of the hazard function, the fraction of price changes that are price increases, and the relationship between price changes and inflation. When the model of price-setting is integrated into a small-scale DSGE model, it implies plausible aggregate effects of monetary policy in contrast to a model with a prominent role for price points but no information rigidities.

Zusammenfassung in einer weiteren Sprache

Fachgebiet (DDC)
330 Wirtschaft

Schlagwörter

Price dynamics, Price stickiness, Price point, Sticky information

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ISO 690HAHN, Volker, Michal MARENCAK, 2020. Price points and price dynamics. In: Journal of Monetary Economics. Elsevier. 2020, 115, pp. 127-144. ISSN 0304-3932. eISSN 1873-1295. Available under: doi: 10.1016/j.jmoneco.2019.05.007
BibTex
@article{Hahn2020Price-47906,
  year={2020},
  doi={10.1016/j.jmoneco.2019.05.007},
  title={Price points and price dynamics},
  volume={115},
  issn={0304-3932},
  journal={Journal of Monetary Economics},
  pages={127--144},
  author={Hahn, Volker and Marencak, Michal}
}
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