Nominal shocks in monopolistically competitive markets: An experiment
成果类型：
Article
署名作者：
Davis, Douglas; Korenok, Oleg
署名单位：
Virginia Commonwealth University
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2011.11.001
发表日期：
2011
页码：
578-589
关键词：
摘要：
A market experiment examines the capacity of price and information frictions to explain real responses to nominal price shocks. Results indicate that both price and information frictions impede the response to a nominal shock, as predicted by the standard dynamic adjustment models. Observed adjustment delays, however, far exceed predicted levels. Results of a pair of subsequent treatments indicate that a combination of announcing the shock privately to all sellers (rather than publicly) and a failure of many sellers to best respond to their expectations explains the observed adjustment inertia. (C) 2011 Elsevier B.V. All rights reserved.
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