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Author: | Bhaskar, V. |
Title: | On endogenously staggered prices |
Journal: | Review of Economic Studies
2002 : JAN, VOL. 69:1(238), p. 97-116 |
Index terms: | Prices Econometric models Business cycles |
Language: | eng |
Abstract: | The paper provides a simple model of imperfect competition which produces stable staggering. The argument relies on strategic interaction at two levels - between firms within an industries, and across industries - and produces a continuum of staggered price equilibria. These equilibria are strict, and hence stable under a simple adaptive learning process. |
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