ISBN: 9780243275335 - monopolistic price adjustment and aggregate output (classic reprint) (3 Ergebnisse)

PAP. Zustand: New. New Book. Shipped from UK. Established seller since 2000.

PAP. Zustand: New. New Book. Shipped from UK. Established seller since 2000.

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.…