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Monetary policy committees : individual and collective reputations
Sibert, Anne C. - 1999
This paper looks at how the reputation of a monetary policy making committee is jointly determined with the reputations of its individual members. I ask whether individuals ha ve more or less incentive to gain a reputation for being tough on inflation when they are part of a group. I examine the...
Persistent link: https://www.econbiz.de/10009781721
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A theory of price adjustment under loss aversion
Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J. - 2014
We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect … theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility … an otherwise standard dynamic neoclassical model of monopolistic competition. The resulting theory of price adjustment is …
Persistent link: https://www.econbiz.de/10010354159
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Some evolutionary foundations for price level rigidity
Saint-Paul, Gilles - 2002
This paper shows that price rigidity evolves in an economy populated by imperfectly rational agents who experiment with alternative rules of thumb. In the model, firms must set their prices in face of aggregate demand shocks. Their payoff depends on the level of aggregate demand, as well as on...
Persistent link: https://www.econbiz.de/10011409938
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Price change synchronization within and between firms
Nilsen, Øivind Anti; Skuterud, Håvard; Munthe-Kaas … - 2021
-firm synchronization is found supporting the theory of economies of scope in menu costs. The industry synchronization effects are found to …
Persistent link: https://www.econbiz.de/10012612687
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Firm-to-firm relationships and price rigidity : theory and evidence
Heise, Sebastian - 2016
Economists have long suspected that firm-to-firm relationships might increase price rigidity due to the use of explicit or implicit fixed-price contracts. Using transaction-level import data from the U.S. Census, I study the responsiveness of prices to exchange rate changes and show that prices...
Persistent link: https://www.econbiz.de/10011569630
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Flexible prices and leverage
D'Acunto, Francesco; Liu, Ryan; Pflueger, Carolin; … - 2017
The frequency with which firms adjust output prices helps explain persistent differences in capital structure across firms. Unconditionally, the most exible-price firms have a 19% higher long-term leverage ratio than the most sticky-price firms, controlling for known determinants of capital...
Persistent link: https://www.econbiz.de/10011597779
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Financial constraints and nominal price rigidities
Balleer, Almut; Hristov, Nikolay; Menno, Dominik - 2017
This paper investigates how financial market imperfections and the frequency of price adjustment interact. Based on new firm-level evidence for Germany, we document that financially constrained firms adjust prices more often than their unconstrained counterparts, both upwards and downwards. We...
Persistent link: https://www.econbiz.de/10011597241
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State-dependent or time-dependent pricing? : new evidence from a monthly firm-level survey: 1980-2017
Dixon, Huw; Grimme, Christian - 2019
We take a monthly panel of German firms over the period 1980−2017 to examine the relative importance of time and state dependence in the decisions of firms to raise, lower or leave their price constant. In addition, we seek to estimate the relative importance of macroeconomic factors and...
Persistent link: https://www.econbiz.de/10012103943
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Monetary policy, price setting, and credit constraints
Balleer, Almut; Zorn, Peter - 2019
We estimate the effects of monetary policy on price-setting behavior in administrative micro data underlying the German producer price index. We find a strong degree of monetary nonneutrality. After expansionary monetary policy, the mass of additional price adjustments is economically small and...
Persistent link: https://www.econbiz.de/10012138873
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The impact of price adjustment costs on price dispersion in e-commerce
Böheim, René; Hackl, Franz; Hölzl-Leitner, Michael - 2019
We analyze price dispersion using panel data from a large price comparison site. We use past pricing behavior to instrument for potential endogeneity that might result from the selection of firms to certain product markets. We find that greater price adjustment costs result in greater price...
Persistent link: https://www.econbiz.de/10011973911