Price Dispersion and the Costs of Inflation

Hahn, Volker

Price Dispersion and the Costs of Inflation

Dateien

Hahn_2-dp8xut2c51az6.pdfGröße: 588.05 KBDownloads: 115

Datum

2022

Open Access-Veröffentlichung

Open Access Hybrid

Sammlungen

Wirtschaftswissenschaften

Publikationstyp

Zeitschriftenartikel

Publikationsstatus

Published

Erschienen in

Journal of Money, Credit and Banking. Wiley. 2022, 54(2-3), pp. 459-491. ISSN 0022-2879. eISSN 1538-4616. Available under: doi: 10.1111/jmcb.12870

Zusammenfassung

The new Keynesian literature typically makes the assumption that firms always have to satisfy demand, which is at odds with profit-maximizing behavior under Calvo pricing when long-run inflation is positive. Our model, which relaxes this assumption, predicts that inflation causes a substantially smaller loss in effective aggregate productivity compared to a benchmark model without the possibility of rationing. Moreover, under positive inflation, firms choose smaller markups over marginal costs in our model than in the benchmark model. As a result, our analysis suggests that the standard new Keynesian model may exaggerate the welfare costs of inflation.

Fachgebiet (DDC)

330 Wirtschaft

Schlagwörter

new Keynesian model, optimal inflation target, trend inflation, welfare costs of inflation

Zitieren

ISO 690

HAHN, Volker, 2022. Price Dispersion and the Costs of Inflation. In: Journal of Money, Credit and Banking. Wiley. 2022, 54(2-3), pp. 459-491. ISSN 0022-2879. eISSN 1538-4616. Available under: doi: 10.1111/jmcb.12870

BibTex

@article{Hahn2022-03Price-55694,
  year={2022},
  doi={10.1111/jmcb.12870},
  title={Price Dispersion and the Costs of Inflation},
  number={2-3},
  volume={54},
  issn={0022-2879},
  journal={Journal of Money, Credit and Banking},
  pages={459--491},
  author={Hahn, Volker}
}

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