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Menu Costs and the Neutrality of Money / Andrew C. Caplin, Daniel F. Spulber.
- Format:
- Book
- Author/Creator:
- Caplin, Andrew C.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w2311.
- NBER working paper series no. w2311
- Language:
- English
- Subjects (All):
- Inflation (Finance).
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1987.
- Cambridge, Mass : National Bureau of Economic Research, 1987.
- Summary:
- A model of endogenous price adjustment under money growth is presented. Firms follow (s, S) pricing policies and price revisions are imperfectly synchronized. In the aggregate, price stickiness disappears and money is neutral. The connection between firm price adjustment and relative price variability in the presence of monetary growth is also investigated. The results contrast with those obtained in models with exogenous fixed timing of price adjustment.
- Notes:
- Print version record
- July 1987.
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