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Les ajustements microéconomiques des prix : une synthèse des modèles théoriques et résultats empiriques

  • Gautier, E.

Microeconomic price rigidity is one of the main assumptions of the neo-keynesian macroeconomic models. Firms are not able to adjust continuously their prices. In this paper, we make a synthesis of the main microeconomic price setting theoretical models and of their empirical counterparts. Price rigidity is often justified by two models: a first one assumes that prices are time-dependent. At each period, a constant proportion of firms can change their prices. A lot of recent empirical works provide estimates of this proportion and evaluate its stability over time. A second model assumes that prices are state-dependent. Firms have to pay an adjustment cost each time they change their price and it can be optimal to differ a price change. These adjustments costs are empirically measured and empirical studies focus on the impact of these menu costs on the inflation process.

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Paper provided by Banque de France in its series Working papers with number 211.

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Length: 64 pages
Date of creation: 2008
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Handle: RePEc:bfr:banfra:211
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