Asymmetric adjustments of price and output.
Classical theories predict rapid price adjustments, which are observed in inflationary episodes; Keynesian theories of sticky prices predict sluggish price responses, which are observed in contractions. We attempt to reconcile these observations in a model with asymmetries in producer price and out...
| Publicado en: | Economic Inquiry Vol. 35; pp. 631 - 653 |
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| Autores principales: | , |
| Formato: | Artículo |
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Wiley-Blackwell
July 1997
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=510836920&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 510836920 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00952583 EIQ jtl: Economic Inquiry issn: 00952583 maglogo: N pubinfo: dt: July 1997 vid: 35 pid: 480 pub: Wiley-Blackwell artinfo: ui: 510836920 10.1111/j.1465-7295.1997.tb02039.x ppf: 631 ppct: 22 formats: fmt: @attributes: type: T tig: atl: Asymmetric adjustments of price and output. aug: au: Tinsley, P. A. Krieger, Reva su: Manufactured products Mathematical models of pricing Industrial productivity Mathematical models United States sug: subj: United States Manufactured products Mathematical models of pricing Industrial productivity Mathematical models ab: Classical theories predict rapid price adjustments, which are observed in inflationary episodes; Keynesian theories of sticky prices predict sluggish price responses, which are observed in contractions. We attempt to reconcile these observations in a model with asymmetries in producer price and output adjustments. Analysis of SIC two-digit industry data indicates production frequently exhibits negative asymmetry—shortfalls from trend are larger than positive deviations—whereas price often displays positive asymmetry. Evidence supporting two rational motives for asymmetric pricing is presented, but causal interactions between output and price asymmetries are not resolved. Reprinted by permission of Western Economic International 7400 Center Ave., Ste. 109, Huntington Beach, CA 92647-3039, USA. Ph. 1-714-898-3222, Fax 1-714-891-6715. E-mail [|Wu]info @weainternational.org[|WU] [|Wu]http://www.weainternational.org.[|WU] pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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