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Price Rigidity - Causes and Macroeconomic Implications (Hardcover)
Loot Price: R3,588
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Price Rigidity - Causes and Macroeconomic Implications (Hardcover)
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Total price: R3,608
Discovery Miles: 36 080
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The price adjustment process is crucial to almost any macroeconomic
issue. Current macroeconomic literature features widely different
models ranking from instantaneous price adjustment to completely
rigid prices. Professor Andersen provides a comprehensive analysis
of reasons why prices may fail to adjust instantaneously to changes
in market conditions. This unified treatment will allow the reader
to understand the mechanisms at work without becoming lost in
technical details. This volume covers both real and nominal price
rigidities and integrates existing results from the literature with
new results on causes for failures of price adjustment. The
analysis of real price rigidities includes inventories, customer
markets, search and collusive behaviour. Due to the focus on
macroeconomic implications, the analysis of nominal price
rigidities is extensive and includes menu costs, informational
problems, asynchronized price setting as well as the interaction
between price and wage setting. Professor Andersen's own
theoretical work on imperfect information, a prime source of price
and wage rigidity, is given prominence in the book. The volume is
thus a combination of a valuable survey of the literature, and an
original expression of future possible research avenues.
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