Price Dispersion and the Costs of Inflation

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HAHN, Volker, 2022. Price Dispersion and the Costs of Inflation. In: Journal of Money, Credit and Banking. Wiley. 54(2-3), pp. 459-491. ISSN 0022-2879. eISSN 1538-4616. Available under: doi: 10.1111/jmcb.12870

@article{Hahn2022-03Price-55694, title={Price Dispersion and the Costs of Inflation}, year={2022}, doi={10.1111/jmcb.12870}, number={2-3}, volume={54}, issn={0022-2879}, journal={Journal of Money, Credit and Banking}, pages={459--491}, author={Hahn, Volker} }

<rdf:RDF xmlns:dcterms="" xmlns:dc="" xmlns:rdf="" xmlns:bibo="" xmlns:dspace="" xmlns:foaf="" xmlns:void="" xmlns:xsd="" > <rdf:Description rdf:about=""> <dc:creator>Hahn, Volker</dc:creator> <dc:language>eng</dc:language> <dcterms:title>Price Dispersion and the Costs of Inflation</dcterms:title> <dc:rights>Attribution 4.0 International</dc:rights> <dcterms:isPartOf rdf:resource=""/> <dcterms:available rdf:datatype="">2021-11-29T13:18:26Z</dcterms:available> <void:sparqlEndpoint rdf:resource="http://localhost/fuseki/dspace/sparql"/> <dspace:isPartOfCollection rdf:resource=""/> <dcterms:rights rdf:resource=""/> <dcterms:abstract xml:lang="eng">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.</dcterms:abstract> <dc:date rdf:datatype="">2021-11-29T13:18:26Z</dc:date> <dcterms:issued>2022-03</dcterms:issued> <dc:contributor>Hahn, Volker</dc:contributor> <dcterms:hasPart rdf:resource=""/> <bibo:uri rdf:resource=""/> <dspace:hasBitstream rdf:resource=""/> <foaf:homepage rdf:resource="http://localhost:8080/jspui"/> </rdf:Description> </rdf:RDF>

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