Showing 1 - 10 of 10
In the data, a sizable fraction of price changes are temporary price reductions referred to as sales. Existing models include no role for sales. Hence, when confronted with data in which a large fraction of price changes are sales related, the models must either exclude sales from the data or...
Persistent link: https://www.econbiz.de/10003479621
Persistent link: https://www.econbiz.de/10003486025
Persistent link: https://www.econbiz.de/10003502073
The Ramsey approach to policy analysis finds the best competitive equilibrium given available instruments but is silent about how to get there uniquely. Many ways of specifying monetary policy lead to indeterminacy. Sophisticated policies do not. They depend on the history of past actions and...
Persistent link: https://www.econbiz.de/10003722989
In the data, a large fraction of price changes are temporary. We provide a simple menu cost model which explicitly includes a motive for temporary price changes. We show that this simple model can account for the main regularities concerning temporary and permanent price changes. We use the...
Persistent link: https://www.econbiz.de/10003722992
Persistent link: https://www.econbiz.de/10003722993
Persistent link: https://www.econbiz.de/10001599618
Persistent link: https://www.econbiz.de/10001717174
Persistent link: https://www.econbiz.de/10001576044
Brazil has had a long period of high inflation. It peaked around 100 percent per year in 1964, decreased until the first oil shock (1973), but accelerated again afterward, reaching levels above 100 percent on average between 1980 and 1994. This last period coincided with severe balance of...
Persistent link: https://www.econbiz.de/10012008408