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The (Mis)Behaviour of the Aggregate Price Level

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Author Info
Tsiddon, Daniel

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Abstract

This paper investigates the response of the price level to random monetary shocks through a model of the fixed cost of changing a nominal price. It shows that, in an inflationary environment, an expansionary monetary shock is accommodated faster than a contractionary monetary shock. Furthermore, when the average rate of monetary expansion increases, the lag in response to a positive shock decreases. The study also proves that the relationship between the expected rate of inflation and the variance of real prices is positive only above a critical level of expected inflation. Copyright 1993 by The Review of Economic Studies Limited.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 60 (1993)
Issue (Month): 4 (October)
Pages: 889-902
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Handle: RePEc:bla:restud:v:60:y:1993:i:4:p:889-902

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This page was last updated on 2009-11-22.

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