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Inflation And Optimal Price Adjustment Under Monopolistic Competition

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Author Info

  • CAMINAL, R.

Abstract

This paper considers a model of a monopolistically competitive industry with a large number of firms producing imperfect substitutes. There is an exogenous inflation rate and each firm must pay a fixed cost every time it adjusts its nominal price. It is shown that, under quite general conditions, there exists a continuum of periodic and synchronized equilibria, each one associated with a different frequency of price adjustment. Consequently, the same frequency of price adjustment is compatible with a full range of inflation rates. Copyright 1992 by The London School of Economics and Political Science.

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Bibliographic Info

Paper provided by Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) in its series UFAE and IAE Working Papers with number 90.88.

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Length: 46 pages
Date of creation: 1988
Date of revision:
Handle: RePEc:aub:autbar:90.88

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Related research

Keywords: inflation ; monopolies ; competition ; costs ; pricing;

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Cited by:
  1. Lucke, Bernd, 1995. "Do small menu costs explain large business cycles?," Economics Letters, Elsevier, vol. 47(2), pages 185-192, February.
  2. Carlos Borondo, 1994. "La rigidez nominal de los precios de la Nueva Economía Keynesiana: una panorámica," Investigaciones Economicas, Fundación SEPI, vol. 18(2), pages 245-288, May.
  3. Bhaskar, V, 2002. "On Endogenously Staggered Prices," Review of Economic Studies, Wiley Blackwell, vol. 69(1), pages 97-116, January.

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