Price points and price dynamics

• 成果类型: Article
• 署名作者: Hahn, Volker; Marencak, Michal
• 署名单位: University of Konstanz; University of Konstanz
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2019.05.007
• 发表日期: 2020
• 页码: 127-144
• 关键词: price dynamics; Price stickiness; Price point; sticky information

摘要

A standard model of price-setting is extended to include an important role for price points as well as sticky information. It makes empirically reasonable predictions about the frequency of price adjustments, the sizes of price increases and decreases, the shape of the hazard function, the fraction of price changes that are price increases, and the relationship between price changes and inflation. When the model of price-setting is integrated into a small-scale DSGE model, it implies plausible aggregate effects of monetary policy in contrast to a model with a prominent role for price points but no information rigidities. (c) 2019 Elsevier B.V. All rights reserved.