Output Fluctuations and Gradual Price Adjustment
AbstractThis paper reviews the leading ideas that have emerged within two paradigms of price adjustment. Neither, it appears, provides a satisfactory theoretical scheme when taken in isolation. This paper concludes that an attempt to merge the more convincing elements of each is needed, and some suggestions for such a merger are put forward.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0621.
Date of creation: Jan 1981
Date of revision:
Publication status: published as Gordon, Robert J. "Output Fluctuations and Gradual Price Adjustment." Journal of Economic Literature, Vol. XIX, No. 2, (June 1981), pp. 493-530.
Contact details of provider:
Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Web page: http://www.nber.org
More information through EDIRC
Other versions of this item:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Blinder, Alan S. & Fischer, Stanley, 1981.
"Inventories, rational expectations, and the business cycle,"
Journal of Monetary Economics,
Elsevier, vol. 8(3), pages 277-304.
- Alan S. Blinder & Stanley Fischer, 1979. "Inventories, Rational Expectations, and the Business Cycle," NBER Working Papers 0381, National Bureau of Economic Research, Inc.
- A. S. Blinder & S. Fischer, 1978. "Inventories, Rational Expectations, and the Business Cycle," Working papers 220, Massachusetts Institute of Technology (MIT), Department of Economics.
- Blinder, Allan S., 1977. "Indexing the economy through financial intermediation," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 5(1), pages 69-105, January.
- Frank Hahn, 2010.
"Exercises in Conjectural Equilibrium,"
Levine's Working Paper Archive
526, David K. Levine.
- Barro, Robert J & Grossman, Herschel I, 1971. "A General Disequilibrium Model of Income and Employment," American Economic Review, American Economic Association, vol. 61(1), pages 82-93, March.
- Benassy Jean-pascal, 1974.
"Neokeynesian disequilibrium theory in a monetary economy,"
CEPREMAP Working Papers (Couverture Orange)
- Benassy, Jean-Pascal, 1975. "Neo-Keynesian Disequilibrium Theory in a Monetary Economy," Review of Economic Studies, Wiley Blackwell, vol. 42(4), pages 503-23, October.
- Carlton, Dennis W, 1978.
"Market Behavior with Demand Uncertainty and Price Inflexibility,"
American Economic Review,
American Economic Association, vol. 68(4), pages 571-87, September.
- D. W. Carlton, 1976. "Market Behavior With Demand Uncertainty and Price Inflexibility," Working papers 179, Massachusetts Institute of Technology (MIT), Department of Economics.
- Richard B. Heflebower, 1955. "Full Costs, Cost Changes, and Prices," NBER Chapters, in: Business Concentration and Price Policy, pages 361-396 National Bureau of Economic Research, Inc.
- John F. Boschen & Herschel I. Grossman, 1981.
"Tests of Equilibrium Macroeconomics Using Contemporaneous Monetary Data,"
NBER Working Papers
0558, National Bureau of Economic Research, Inc.
- Boschen, John F. & Grossman, Herschel I., 1982. "Tests of equilibrium macroeconomics using contemporaneous monetary data," Journal of Monetary Economics, Elsevier, vol. 10(3), pages 309-333.
- Barro, Robert J, 1972. "A Theory of Monopolistic Price Adjustment," Review of Economic Studies, Wiley Blackwell, vol. 39(1), pages 17-26, January.
- Iwai, Katsuhito, 1974. "The Firm in Uncertain Markets and Its Price, Wage and Employment Adjustments," Review of Economic Studies, Wiley Blackwell, vol. 41(2), pages 257-76, April.
- Victor P. Goldberg, 1976. "Regulation and Administered Contracts," Bell Journal of Economics, The RAND Corporation, vol. 7(2), pages 426-448, Autumn.
- Robert E. Hall, 1980. "Employment Fluctuations and Wage Rigidity," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 11(1, Tenth ), pages 91-142.
- Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
- Barro,Robert J. & Grossman,Herschel I., 2008. "Money Employment and Inflation," Cambridge Books, Cambridge University Press, number 9780521068659, Fall.
- Gray, Jo Anna, 1976. "Wage indexation: A macroeconomic approach," Journal of Monetary Economics, Elsevier, vol. 2(2), pages 221-235, April.
- Brunner, Karl & Meltzer, Allan H., 1977. "Stabilization of the domestic and international economy," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 5(1), pages 1-6, January.
- Dreze, Jacques H, 1975. "Existence of an Exchange Equilibrium under Price Rigidities," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 301-20, June.
- Frydman, Roman, 1981. "Sluggish Price Adjustments and the Effectiveness of Monetary Policy under Rational Expectations: A Comment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 13(1), pages 94-102, February.
- Drazen, Allan, 1980. "Recent Developments in Macroeconomic Disequilibrium Theory," Econometrica, Econometric Society, vol. 48(2), pages 283-306, March.
- Dennis W. Carlton, 1980. "Modeling Price Rigidity or Predicting the Quality of the Good that Clears the Market," NBER Working Papers 0503, National Bureau of Economic Research, Inc.
This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page. reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If references are entirely missing, you can add them using this form.