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Inventories, Markups, and Real Rigidities in Menu Cost Models

Author

Listed:
  • Virgiliu Midrigan

    (New York University)

  • Oleksiy Kryvtsov

    (Bank of Canada)

Abstract

We examine the general equilibrium implications of an Aguirregabiria (1999) - type economy, in which firms are subject to fixed cost of price- and inventory-adjustment that is capable of generating infrequent orders and price changes observed in the data. We ask whether the model can account for patterns of temporal price variation, frequency of stockouts, etc. in the micro data and study the response of real activity to monetary disturbances in an otherwise standard (S,s) setup.

Suggested Citation

  • Virgiliu Midrigan & Oleksiy Kryvtsov, 2008. "Inventories, Markups, and Real Rigidities in Menu Cost Models," 2008 Meeting Papers 487, Society for Economic Dynamics.
    • Handle: RePEc:red:sed008:487
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    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation

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