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This paper presents a new attempt at building a model which accounts for the existence of fluctuations in aggregate output in response to nominal disturbances, like an unpredicted injection of money into the economy. Like Lucas' model it is an equilibrium model. Economic agents maximize their objective functions taking the prices set by the other agents as given. They make the best use of current information in the computation of facts about their current and future economic environment.
In fact, the producers, who in this model have market power, have fullinformation about the present. Namely, they know the prices charged by their suppliers, the price level, and the economy-wide level of nominal money balances. Furthermore they observe their demand and cost functions before they set their prices. These assumptions about the information available to producers sets this model apart from Lucas' and in my view constitute a theoretical advantage.
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Monopolistic Price Adjustment and Aggregate Output (Classic Reprint)
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Paperback. Zustand: New. Print on Demand. This book introduces a novel economic model that challenges prevailing theories on business cycles. The author proposes that firms' perception of price adjustment costs, rather than consumer behavior, drives output fluctuations in response to monetary disturbances. In contrast to traditional models that emphasize misperceptions and labor market dynamics, this book argues that firms' rational decision-making under price adjustment costs leads to a gradual adjustment of prices in response to external shocks, resulting in persistent output cycles. The model provides a framework for understanding the procyclical movement of real wages, a phenomenon often overlooked by other theories. It also sheds light on the impact of monetary policy on output, suggesting that a positive discount rate can lead to higher output levels in response to monetary expansion. The book's insights have significant implications for macroeconomic policy and theory, offering a fresh perspective on the causes and consequences of business cycles. By focusing on the role of price adjustment costs, this book provides a deeper understanding of the complex dynamics of economic fluctuations. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Bestandsnummer des Verkäufers 9780243275335_0
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Monopolistic Price Adjustment and Aggregate Output (Classic Reprint)
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