Synopsis
The price adjustment process is crucial to almost any macroeconomic issue. Anderson provides here a comprehensive and unified analysis of why prices may fail to adjust instantly, integrating the existing literature with his own new work on asymmetric information and imperfect competition. This unified treatment will allow readers to understand the mechanisms at work without becoming lost in technical details. This volume covers both real and nominal price ridigidites and integrates existing results from the literature with new results on causes for failures of price adjustment. 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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About the Author
Torben Andersen is Professor of Economics at Aarhus University, Denmark.
From the Back Cover
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.
"About this title" may belong to another edition of this title.
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Price Rigidity Causes and Macroeconomic Implications
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ISBN 13: 9780198287605
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price rigidity. causes and macroeconomic implications
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Price Rigidity: Causes and Macroeconomic Implications (eng)
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Condition: Gut. Zustand: Gut | Sprache: Englisch | Produktart: Bücher | 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. Seller Inventory # 1513513/203
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Price Rigidity (Hardcover)
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Hardcover. Condition: new. Hardcover. The price adjustment process is crucial to almost any macroeconomic issue. Current macroeconomic literature freatures 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 intechnical 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 priceadjustment. The analysis of real price rigidities includes inventories, customer markets, search and collusive behaviour. Due to the focus on macroeconmic 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.Andersen's own theoretical work on imperfect information, a prime source of price and wage rigidity, is givenprominence in the book. The volume is thus a combinatin of a valuable survey of the literature, and an original expression of future possible research avenues. The price adjustment process is crucial to almost any macroeconomic issue. Professor Andersen has provided a comprehensive and unified analysis of why prices may fail to adjust instantly, integrating existing results from the literature with his new work on asymmetric information and imperfect competition. This is a valuable and lucid treatment of the issue. Shipping may be from multiple locations in the US or from the UK, depending on stock availability. Seller Inventory # 9780198287605
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