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| Author: | Yun, T. |
| Title: | Business cycles in a economy with nominal price rigidity and customer market |
| Journal: | Journal of Economic Research
1998 : NOV, VOL. 3:2, p. 203-226 |
| Index terms: | RESEARCH BUSINESS CYCLES PRICES |
| Language: | eng |
| Abstract: | This paper explores a modification of a nominal price rigidity model with convex cost of price adjustment in which a type of customer market is introduced. This paper then analyzes price and output instability induced by exogenous changes in budget deficit s well as technology and monetary shocks. In particular, it is shown that the introduction of customer market tends to not only reduce the size but also change the sign of output's responses to an exogenous increase in budget deficit for some plausible values of calibrated parameters. |
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