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Asymmetric Price Adjustment and Economic Fluctuations
Abstract
This paper considers a possible explanation for asymmetric adjustment of nominal prices. We present a menu-cost model in which positive trend inflation causes firms' relative prices to decline automatically between price adjustments. In this environment, shocks that raise firms' desired prices trigger larger price responses than shocks that lower desired prices. We use this model of asymmetric adjustment to address three issues in macroeconomics: the effects of aggregate demand, the effects of sectoral shocks, and the optimal rate of inflation.
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Citations
Cited by
Menu Costs, Aggregate Fluctuations, and Large Shocks
Karadi, P., & Reiff, A. (2019) · American Economic Journal: Macroeconomics · doi:10.1257/mac.20160054 · Cited by 95
Price Transmission in Agricultural Markets
von Cramon-Taubadel, S., & Goodwin, B. K. (2021) · Annual Review of Resource Economics · doi:10.1146/annurev-resource-100518-093938 · Cited by 75
Asymmetric transmission between factory and wholesale prices in fiberboard market in Korea
Ahn, B.-I., & Lee, H. (2013) · Journal of Forest Economics · doi:10.1016/j.jfe.2012.06.008 · Cited by 8
Metadata
- Authors
- Ball, L., & Mankiw, N. G.
- Venue
- The Economic Journal
- Publisher
- Oxford University Press (OUP)
- Published
- 1994-03
- Volume
- 104
- Issue
- 423
- Pages
- 247
- ISSN
- 0013-0133 (ISSN-L)
- OpenAlex
- W2891909481
- Cited by
- 665
- References
- 0
- FWCI
- 46.02
- Type
- journal article
- Language
- en
- Open access
- closed
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- Ball, L., & Mankiw, N. G. (1994). Asymmetric Price Adjustment and Economic Fluctuations. The Economic Journal. https://doi.org/10.2307/2234746
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
