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Menu costs and Phillips curves
In: Working paper series 10187
SSRN
Working paper
Menu Costs and Phillips Curves
In: Journal of political economy, Band 115, Heft 2, S. 171-199
ISSN: 1537-534X
Nonlinear Inflation Dynamics in Menu Cost Economies
In: FEDS Working Paper No. 2024-5
SSRN
Frequent price changes under menu costs
In: Journal of economic dynamics & control, Band 23, Heft 7, S. 1065-1076
ISSN: 0165-1889
Endogenous information, menu costs and inflation persistence
In: NBER working paper series 14184
"This paper develops a model where firms make state-dependent decisions on both pricing and acquisition of information. It is shown that when information is not perfect, menu costs combined with the aggregate price level serving as an endogenous public signal generate rigidity in price setting even when there is no real rigidity. Specifically, firms reveal their information to other firms by changing their prices. Because the cost of changing price is borne by a firm but the benefit from better information goes to other firms, firms have an incentive to postpone price changes until more information is revealed by other firms via the price level. The information externality and menu costs reinforce each other in delaying price adjustment. As a result, the response of inflation to nominal shocks is both sluggish and hump-shaped. The model can also qualitatively capture a number of stylized facts about price setting at the micro level and inflation at the macro level"--National Bureau of Economic Research web site
Welfare Costs of Inflation in a Menu Cost Model
In: American economic review, Band 98, Heft 2, S. 438-443
ISSN: 1944-7981
Endogenous Information, Menu Costs and Inflation Persistence
In: NBER Working Paper No. w14184
SSRN
Menu Costs, Entry Deterrence, and Nominal Rigidity
In: The Canadian Journal of Economics, Band 27, Heft 4, S. 827
Asymmetric price adjustment in a menu-cost model
In: Journal of economics, Band 68, Heft 3, S. 295-309
ISSN: 1617-7134
Menu costs, multi-product firms, and aggregate fluctuations
I employ a large set of scanner price data collected in retail stores to document that (i) although the average magnitude of price changes is large, a substantial number of price changes are small in absolute value; (ii) the distribution of non-zero price changes has fat tails; and (iii) stores tend to adjust prices of goods in narrow product categories simultaneously. I extend the standard menu costs model to a multi-product setting in which firms face economies of scale in the technology of adjusting prices. The model, because of its ability to replicate this additional set of micro-economic facts, can generate aggregate fluctuations much larger than those in standard menu costs economies.
BASE
SSRN
Pricing Behaviour and Menu Costs in Multi‐product Firms
In: Economica, Band 89, Heft 355, S. 746-769
ISSN: 1468-0335
This paper investigates the micro‐foundations of pricing behaviour using monthly producer prices for Norwegian multi‐product firms. We find both infrequent and many small price changes together with a high degree of within‐firm synchronization. This points at fixed menu costs featuring scope economies, at additional linear and convex price adjustment costs, and at the presence of firm‐specific shocks. The structural estimates and a simulation support the view that in order to understand pricing behaviour and the effectiveness of monetary policy, the analysis of multi‐product firms and a richer price adjustment technology in the intermediate goods sector is valuable.