Price Dispersion and the Costs of Inflation

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2022
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Journal of Money, Credit and Banking. Wiley. 2022, 54(2-3), pp. 459-491. ISSN 0022-2879. eISSN 1538-4616. Available under: doi: 10.1111/jmcb.12870
Zusammenfassung

The new Keynesian literature typically makes the assumption that firms always have to satisfy demand, which is at odds with profit-maximizing behavior under Calvo pricing when long-run inflation is positive. Our model, which relaxes this assumption, predicts that inflation causes a substantially smaller loss in effective aggregate productivity compared to a benchmark model without the possibility of rationing. Moreover, under positive inflation, firms choose smaller markups over marginal costs in our model than in the benchmark model. As a result, our analysis suggests that the standard new Keynesian model may exaggerate the welfare costs of inflation.

Zusammenfassung in einer weiteren Sprache
Fachgebiet (DDC)
330 Wirtschaft
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new Keynesian model, optimal inflation target, trend inflation, welfare costs of inflation
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ISO 690HAHN, Volker, 2022. Price Dispersion and the Costs of Inflation. In: Journal of Money, Credit and Banking. Wiley. 2022, 54(2-3), pp. 459-491. ISSN 0022-2879. eISSN 1538-4616. Available under: doi: 10.1111/jmcb.12870
BibTex
@article{Hahn2022-03Price-55694,
  year={2022},
  doi={10.1111/jmcb.12870},
  title={Price Dispersion and the Costs of Inflation},
  number={2-3},
  volume={54},
  issn={0022-2879},
  journal={Journal of Money, Credit and Banking},
  pages={459--491},
  author={Hahn, Volker}
}
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