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9780198287605

Price Rigidity Causes and Macroeconomic Implications

by
  • ISBN13:

    9780198287605

  • ISBN10:

    0198287607

  • Format: Hardcover
  • Copyright: 1995-01-12
  • Publisher: Clarendon Press

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Summary

The price adjustment process is crucial to almost any macroeconomic issue. Current macroeconomic literature freatures widely different models ranking from instantaneous price adjustment to completely rigid prices. Professor Andersen provides a comprehensive analysis of reasons why prices mayfail to adjust instantaneously to changes in market conditions. This unified treatment will allow the reader to understand the mechanisms at work without becoming lost in technical details.This volume covers both real and nominal price rigidities and integrates existing results from the literature with new results on causes for failures of price adjustment. The analysis of real price rigidities includes inventories, customer markets, search and collusive behaviour. Due to the focuson macroeconmic implications, the analysis of nominal price rigidities is extensive and includes menu costs, informational problems, asynchronized price setting as well as the interaction between price and wage setting.Andersen's own theoretical work on imperfect information, a prime source of price and wage rigidity, is given prominence in the book. The volume is thus a combinatin of a valuable survey of the literature, and an original expression of future possible research avenues.

Author Biography

Torben Andersen is Professor of Economics at Aarhus University, Denmark.

Table of Contents

Introductionp. 1
Empirical Evidencep. 14
Imperfect Competition and Price Adjustmentp. 29
Real Price Rigidityp. 48
Menu Costsp. 70
Imperfect Informationp. 100
Asynchronizationp. 126
Price--Wage Interactionsp. 140
What have we learned?p. 162
Referencesp. 166
Indexp. 179
Table of Contents provided by Syndetics. All Rights Reserved.

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The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

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