國立高雄大學圖資館 |

Language: English

Back

Price dynamics, convenience, and money.

Knotek, Edward S., II.

Price dynamics, convenience, and money.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Price dynamics, convenience, and money.
Author:	Knotek, Edward S., II.
Description:	166 p.
Notes:	Chair: Robert B. Barsky.
Notes:	Source: Dissertation Abstracts International, Volume: 66-10, Section: A, page: 3737.
Contained By:	Dissertation Abstracts International66-10A.
Subject:	Economics, General.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3192682
ISBN:	9780542367144

Price dynamics, convenience, and money.
Knotek, Edward S., II.

Price dynamics, convenience, and money. - 166 p.

Chair: Robert B. Barsky.

Thesis (Ph.D.)--University of Michigan, 2005.

Price dynamics play a crucial role in monetary explanations of business cycles. Because the movements of aggregate prices are determined by---and contemporaneously help determine---individual prices, the study of the latter is of great import.

ISBN: 9780542367144Subjects--Topical Terms:

212429
Economics, General.

Price dynamics, convenience, and money.
LDR:03304nmm _2200301 _450 001 170875
005 20061228142309.5
008 090528s2005 eng d
020 $a 9780542367144
035 $a 00242905
040 $a UnM $c UnM
100 0 $a Knotek, Edward S., II. $3 244906
245 1 0 $a Price dynamics, convenience, and money.
300 $a 166 p.
500 $a Chair: Robert B. Barsky.
500 $a Source: Dissertation Abstracts International, Volume: 66-10, Section: A, page: 3737.
502 $a Thesis (Ph.D.)--University of Michigan, 2005.
520 # $a Price dynamics play a crucial role in monetary explanations of business cycles. Because the movements of aggregate prices are determined by---and contemporaneously help determine---individual prices, the study of the latter is of great import.
520 # $a The first chapter of this dissertation introduces the phenomenon that I refer to as convenient prices. These are prices that facilitate rapid, simple transactions when money---i.e., cash or currency---is the medium of exchange. I model a firm that explicitly incorporates convenience into its pricing decisions, where convenience is quantified by the number of currency units in a transaction. The theoretical model illustrates how alternating periods of price rigidity and flexibility can arise in such a setting, along with rapid switching between convenient prices. I compile time series data on newspaper cover prices and use simulations to show that convenience is an essential component of these prices. In the empirical data, firms set prices that were more convenient than adjacent prices 61% of the time. Standard menu costs alone cannot replicate this behavior.
520 # $a The second chapter details circumstances in which convenience may affect pricing. Using cross-sectional data, I find evidence of convenient prices in locations where making a rapid transaction is important, such as concession stands, movie ticket lines, and convenience stores. Moreover, convenience appears to affect many of the consumer goods and services with the stickiest prices in the U.S. economy. This suggests that studies focusing on very sticky prices must be cognizant of convenient prices' role in effecting above-average price rigidity.
520 # $a The third chapter presents evidence that monetary policy can generate stagflation without supply shocks. I show that two elements are crucial for this result to hold. First, inflation must exhibit inertia in response to monetary policy shocks. This is accomplished via a sticky information model. Second, price-setters must not be able to immediately distinguish between transitory shocks and permanent regime changes that the monetary authority can implement to its operating target. Under these conditions, stagflation occurs in 77% of model simulations. Had the central bank's actions been completely transparent, the incidence of stagflation would have been lower.
590 $a School code: 0127.
650 # 0 $a Economics, General. $3 212429
650 # 0 $a Economics, Commerce-Business. $3 212577
690 $a 0501
690 $a 0505
710 0 # $a University of Michigan. $3 212464
773 0 # $g 66-10A. $t Dissertation Abstracts International
790 $a 0127
790 1 0 $a Barsky, Robert B., $e advisor
791 $a Ph.D.
792 $a 2005
856 4 0 $u http://libsw.nuk.edu.tw:81/login?url=http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3192682 $z http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3192682