Decoupling nominal and real rigidities A reexamination of the canonical model of price setting under menu costs

被引：0
|
作者：
Koenig, Philipp J. [1 ]
Meyer-Gohde, Alexander [2 ,3 ]
机构：
[1] German Inst Econ Res, Mohrenstr 58, D-10117 Berlin, Germany
[2] Univ Hamburg, VWL Insb Wachstum & Konjunktur, Von Melle Pk 5, D-20146 Hamburg, Germany
[3] Humboldt Univ, Inst Wirtschaftstheorie 2, Spandauer Str 1, D-10178 Berlin, Germany
来源：
ECONOMICS LETTERS | 2017年 / 156卷
关键词：
Global games; Menu costs; Sticky prices;
D O I：
10.1016/j.econlet.2017.04.019
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We revisit Ball and Romer's (1990) canonical model of price setting with menu costs that exhibits multiple equilibria. We show that changes to firms' markups move nominal and real rigidities in opposite directions. Using game-theoretic tools to derive a unique equilibrium, we find that accounting for agents' endogenous adjustment of price expectations further weakens the link between real and nominal rigidities. (C) 2017 Elsevier B.V. All rights reserved.
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页码：129 / 132
页数：4
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