Search, Price Setting and Inflation
Search, Price Setting and Inflation
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搜索、定价和通货膨胀
DOI：
10.2307/2297389
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发表时间：
1988
期刊：
影响因子：
--
通讯作者：
R. Bénabou
中科院分区：
文献类型：
--
作者：
R. Bénabou
建立了一个通货膨胀环境下的垄断竞争模型，该模型分别考虑了消费者和企业的最优序贯搜索、价格动态和进入。均衡价格策略是（S，s）;这些界限随着消费者搜索成本的增加而不断增加，价格离散度也是如此。事实上，整个均衡从竞争性（伯特兰）到垄断性（戴蒙德（1971））都是平滑变化的。后者的矛盾的结果被解释为一个限制的情况下，摩擦对公司的一方的市场（价格调整成本），但不是对买家的（搜索成本）趋于零。通货膨胀与价格离散度或不确定性之间存在正相关关系（平滑且完全可预期）。
A model of monopolistic competition in an inflationary environment is developed which embodies optimal sequential search, price dynamics and entry on the part of consumers and firms respectively. Equilibrium price strategies are (S, s); these bounds increase continuously with consumer search costs, and so does price dispersion. Indeed, the whole equilibrium varies smoothly from the competitive (Bertrand) to the monopolistic (Diamond (1971)) end of the spectrum. The latter's paradoxical result is explained as a limiting case where frictions on firms' side of the market (price adjustment costs) but not on buyers' (search costs) tend to zero. A positive relationship between (smooth and perfectly anticipated) inflation and price dispersion or uncertainty is established.