State-Dependent Pricing and the General Equilibrium Dynamics of Money and Output
State-Dependent Pricing and the General Equilibrium Dynamics of Money and Output
复制标题
国家相关定价以及货币和产出的一般均衡动态
DOI：
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发表时间：
1999
期刊：
影响因子：
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通讯作者：
Alexander L. Wolman
中科院分区：
文献类型：
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作者：
M. Dotsey;R. King;Alexander L. Wolman
经济学家长期以来一直认为，由于固定成本，名义产品价格很少变化。在这种情况下，最优的价格调整应取决于经济状况。然而，尽管被广泛讨论，但事实证明，依赖于国家的定价很难纳入宏观经济模型。本文开发了一种新的、易于处理的依赖于状态的理论定价框架。我们用它来研究最优定价如何取决于货币冲击的持续性、劳动力供给和商品需求的弹性以及货币需求的利率敏感性。
Economists have long suggested that nominal product prices are changed infrequently because of fixed costs. In such a setting, optimal price adjustment should depend on the state of the economy. Yet, while widely discussed, statedependent pricing has proved difficult to incorporate into macroeconomic models. This paper develops a new, tractable theoretical state-dependent pricing framework. We use it to study how optimal pricing depends on the persistence of monetary shocks, the elasticities of labor supply and goods demand, and the interest sensitivity of money demand.