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Author: Angel Estrada
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 48
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Book Description
Illustrates the implications for aggregate price dynamics of alternative characterizations of microeconomic price adjustment policies.
Author: Angel Estrada
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 48
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Book Description
Illustrates the implications for aggregate price dynamics of alternative characterizations of microeconomic price adjustment policies.
Author: Eytan Sheshinski
Publisher: MIT Press
ISBN: 9780262193320
Category : Business & Economics
Languages : en
Pages : 546
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Book Description
These collected articles constitute what is perhaps the definitive study of pricing models under inflation, providing a solid basis for further research on this elusive question. What are the real effects of inflation? These collected articles constitute what is perhaps the definitive study of pricing models under inflation, providing a solid basis for further research on this elusive question. Covering a broad range of theory and applications by well-known microeconomists, the eighteen contributions evaluate the effects of inflation on aggregate output and on welfare and reveal the scope of recent efforts to explicitly incorporate frictions in economic models. A basic building block common to most of the essays in this volume is the observation that individual firms change nominal prices intermittently. The frequency and size of nominal price changes are influenced by the cost of price adjustment and changes in the economic environment, production costs, market demand, market structure, and most important, inflation. Thus the degree of nominal rigidity is influenced by the economic environment, and in a dynamic context. Two introductory essays survey the empirical studies of pricing policies by individual firms and the theoretical efforts to integrate the nominal rigidities at the micro level into macro relationships. The essays that follow treat the general problem of optimal dynamic adjustment in the presence of convex costs of adjustment, include applications of the inventory models to the case of nominal price adjustment by an individual firm, address the question of aggregation, introduce active search by consumers, and provide empirical analysis of nominal price rigidities.
Author: Benjamin Eden
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 25
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Book Description
Author: Arthur M Okun
Publisher: Brookings Institution Press
ISBN: 0815718721
Category : Business & Economics
Languages : en
Pages : 382
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Book Description
During the past decade Arthur M. Okun, like many economists, focused attention on finding ways to fight inflation without sacrificing goals of high employment and prosperity. In recent years the economy has been plagued by stagflation—the simultaneous persistence of high inflation and high unemployment. Traditional methods of aggregate demand management that have been reasonably successful in curing either one or the other of these problems have not been effective, and the nation has not been able to contain inflation even in periods of economic slack. It now seems clear that the economists’ traditional model that presumes short-run flexibility in wages and prices no longer holds for most of the industrial world, and hence the response of inflation to shifts in macroeconomic policy is weak. In this volume Okun seeks to explain that loss of responsiveness by analyzing how modern labor and product markets work and how they are structured. A central feature of Okun’s analysis is implicit contract theory, which recognizes that efficiency-maximizing decisions by business firms reflect long-term considerations as well as short-term changes in markets. His interpretation of microeconomic behavior and macroeconomic performance provides a basis for the design of policies to deal with stagflation.
Author: Yoram Weiss
Publisher:
ISBN:
Category :
Languages : en
Pages : 50
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Book Description
Author: Robert M. Solow
Publisher: Manchester University Press
ISBN:
Category : Prices
Languages : en
Pages : 60
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Book Description
Author: Dean Baker
Publisher: Routledge
ISBN: 131550264X
Category : Business & Economics
Languages : en
Pages : 201
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Book Description
Compiled by the Bureau of Labor Statistics, the CPI is used to index Social Security payments and many other federal programs, as well as to adjust tax brackets. Today, the accuracy of the CPI is being hotly debated, particularly in light of the Boskin Commission report that concluded in December 1996 that the CPI overstates inflation by 1.1%. If accepted and applied in the formulation of economic policy, the report would have major implications for balancing the federal budget. It would have a direct impact on the lives of Americans who are beneficiaries of government programs as well as on everyone who pays taxes. In this book, Dean Baker introduces and explains the significance of the debate, presents the full text of the Boskin Commission report and finally discusses in a far-reaching and insightful analysis both the Commission's research methodology and its conclusions.
Author: Martin Feldstein
Publisher: University of Chicago Press
ISBN: 0226241769
Category : Business & Economics
Languages : en
Pages : 374
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Book Description
In recent years, the Federal Reserve and central banks worldwide have enjoyed remarkable success in their battle against inflation. The challenge now confronting the Fed and its counterparts is how to proceed in this newly benign economic environment: Should monetary policy seek to maintain a rate of low-level inflation or eliminate inflation altogether in an effort to attain full price stability? In a seminal article published in 1997, Martin Feldstein developed a framework for calculating the gains in economic welfare that might result from a move from a low level of inflation to full price stability. The present volume extends that analysis, focusing on the likely costs and benefits of achieving price stability not only in the United States, but in Germany, Spain, and the United Kingdom as well. The results show that even small changes in already low inflation rates can have a substantial impact on the economic performance of different countries, and that variations in national tax rules can affect the level of gain from disinflation.
Author: Edmund S. Phelps
Publisher: London : Macmillan
ISBN:
Category : Business & Economics
Languages : en
Pages : 360
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Book Description
Monograph on economic theory and economic policies relevant to unemployment and inflation, proposing a cost benefit analysis approach to optimal monetary policy for the USA - includes economic models. References and statistical tables.
Author: Dean Baker
Publisher: M.E. Sharpe
ISBN: 9780765602213
Category : Business & Economics
Languages : en
Pages : 208
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Book Description
Presents both sides of the debate about the accuracy of methods used to determine the consumer price index (CPI) and its role in balancing the federal budget. Analyzes the Boskin Commission report, which states that the CPI was too high and needs to be adjusted downward to save billions of dollars in government entitlement payments and raise taxes, and raises serious doubts about the report's results. Includes many bandw charts and graphs. Paper edition $19.95, 0-7656- 0222-9. Annotation copyrighted by Book News, Inc., Portland, OR
