ASYMMETRIC PRICE ADJUSTMENT AND ECONOMIC-FLUCTUATIONS

被引：255
|
作者：
BALL, L [1 ]
MANKIW, NG [1 ]
机构：
[1] HARVARD UNIV,CAMBRIDGE,MA 02138
来源：
ECONOMIC JOURNAL | 1994年 / 104卷 / 423期
关键词：
D O I：
10.2307/2234746
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper considers a possible explanation for asymmetric adjustment of nominal prices. We present a menu-cost model in which positive trend inflation causes firms' relative prices to decline automatically between price adjustments. In this environment, shocks that raise firms' desired prices trigger larger price responses than shocks that lower desired prices. We use this model of asymmetric adjustment to address three issues in macroeconomics: the effects of aggregate demand, the effects of sectoral shocks, and the optimal rate of inflation.
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页码：247 / 261
页数：15
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