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| Tekijä: | Benabou, R. Konieczny, J. |
| Otsikko: | On inflation and output with costly price changes: a simple unifying result |
| Lehti: | American Economic Review
1994 : MAR, VOL. 84:1, p. 290-297 |
| Asiasana: | PRICE LEVEL INFLATION OUTPUT |
| Kieli: | eng |
| Tiivistelmä: | The authors study the effect of inflation on the average output of monopolistic firms facing fixed costs of changing their nominal price. The slope of this long-run Phillips curve has been analyzed by several authors, usually with specific functional forms. As a result, the literature offers a somewhat confusing array of special results. In this paper the authors derive a simple explicit formula which incorporates all the effects previously identified and determines their net impact. |
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