Relative Price Volatility
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Consumer Search Price Dispersions And International Relative Price Volatility
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Author : George Alessandria
language : en
Publisher:
Release Date : 2005
Consumer Search Price Dispersions And International Relative Price Volatility written by George Alessandria and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Consumers categories.
This paper develops a model of consumer search consistent with the evidence of substantial price dispersion within countries. This model is used to study international relative price fluctuations. Consumer search frictions permit firms to price discriminate across markets based on the local wage of consumers. With price dispersion, the market price of a good does not measure its resource cost. This breaks the tight link between relative quantities and relative prices implied by most models. The authors show that volatile and persistent fluctuations in relative wages lead to volatile and persistent fluctuations in relative prices at the disaggregate level. These deviations from the law of one price substantially increase international relative price volatility. With productivity and taste shocks, the model generates international business cycles that closely match the data.
The Volatility Of The Relative Price Of Commodities In Terms Of Manufactures Across Exchange Regimes
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Author : Ms.Hong Liang
language : en
Publisher: International Monetary Fund
Release Date : 1998-12-01
The Volatility Of The Relative Price Of Commodities In Terms Of Manufactures Across Exchange Regimes written by Ms.Hong Liang and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-12-01 with Business & Economics categories.
This paper investigates the relationship between the nominal exchange rate regime and the volatility of relative commodity prices. The analysis shows that the relationship depends upon both the market structure and the economic agent’s perception about future exchange rate movements. When the markets for manufactured goods are less competitive than the markets for primary commodities, the volatility of relative commodity prices rises when exchange rate uncertainty increases. If demand for manufactured goods is intertemporally dependent, even a small increase in exchange rate uncertainty can result in potentially large costs in terms of increased relative commodity price instability.
Relative Price Volatility Under Sudden Stops
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Author : Guillermo A. Calvo
language : en
Publisher:
Release Date : 2005
Relative Price Volatility Under Sudden Stops written by Guillermo A. Calvo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Financial crises categories.
"Sudden Stops are associated with increased volatility in relative prices. We introduce a model based on information acquisition to rationalize this increased volatility. An empirical analysis of the conditional variance of the wholesale price to consumer price ratio using panel ARCH techniques confirms the relevance of Sudden Stops and potential balance-sheet effects as key determinants of relative-price volatility, where balance-sheet effects are captured by the interaction of a proxy for potential changes in the real exchange rate (linked to the degree of external leverage of the absorption of tradable goods) and a measure of domestic liability dollarization"--NBER website
The Relative Volatility Of Commodity Prices
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Author : Mr.Rabah Arezki
language : en
Publisher: International Monetary Fund
Release Date : 2011-12-01
The Relative Volatility Of Commodity Prices written by Mr.Rabah Arezki and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-12-01 with Business & Economics categories.
This paper studies the volatility of commodity prices on the basis of a large dataset of monthly prices observed in international trade data from the United States over the period 2002 to 2011. The conventional wisdom in academia and policy circles is that primary commodity prices are more volatile than those of manufactured products, even though most of the existing evidence does not actually attempt to measure the volatility of prices of individual goods or commodities. Rather the literature tends to focus on trends in the evolution and volatility of ratios of price indexes composed of multiple commodities and products. This approach can be misleading. Indeed, the evidence presented in this paper suggests that on average prices of individual primary commodities may be less volatile than those of individual manufactured goods.
Cross Country Relative Price Volatility
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Author : Yin-Wong Cheung
language : en
Publisher:
Release Date : 2005
Cross Country Relative Price Volatility written by Yin-Wong Cheung and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
The Role Of Relative Price Volatility In The Efficiency Of Investment Allocation
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Author :
language : es
Publisher:
Release Date : 2010
The Role Of Relative Price Volatility In The Efficiency Of Investment Allocation written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Accounting and price fluctuations categories.
This paper estimates the impact of relative price volatility on sector-level investment allocation using a panel of 65 countries with data for 26 manufacturing industries over the period 1985-2003. Results indicate that volatility distorts efficient investment allocation in that investment is not necessarily devoted to relatively more productive sectors, especially in emerging market economies that are highly exposed and may lack the necessary institutions to deal with it successfully. This is evidence in support of theories suggesting that relative price volatility provides incentives for entrepreneurs to adopt more "malleable" but less productive production technologies, enabling them to accommodate more easily abrupt and frequent changes in relative prices, but at the cost of using less productive technologies.
Consumer Search Price Dispersion And International Relative Price Volatility
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Author : George Alessandria
language : en
Publisher:
Release Date : 2019
Consumer Search Price Dispersion And International Relative Price Volatility written by George Alessandria and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This paper develops a model of consumer search consistent with the evidence of substantial price dispersion within countries. This model is used to study international relative price fluctuations. Consumer search frictions permit firms to price discriminate across markets based on the local wage of consumers. With price dispersion, the market price of a good does not measure its resource cost. This breaks the tight link between relative quantities and relative prices implied by most models. The authors show that volatile and persistent fluctuations in relative wages lead to volatile and persistent fluctuations in relative prices at the disaggregate level. These deviations from the law of one price substantially increase international relative price volatility. With productivity and taste shocks, the model generates international business cycles that closely match the data.
Relative Price Volatility
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Author : Charles Engel
language : en
Publisher:
Release Date : 1998
Relative Price Volatility written by Charles Engel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Canada categories.
We reexamine the effect of the U.S./Canadian border on integration of markets. The paper updates work from our earlier paper, Engel and Rogers(1996). We consider alternative measures of deviations from the law of one price. We pay special attention to the effect of the U.S-Canada free trade agreement on market integration. Our conclusions are unchanged: markets in the U.S. and Canada are more segmented than can be explained by the physical distance between the two locations. Formal trade barriers do not appear to explain much of that segmentation.
Cross Country Relative Price Volatility
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Author : Yin-Wong Cheung
language : en
Publisher:
Release Date : 2005
Cross Country Relative Price Volatility written by Yin-Wong Cheung and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
The Role Of Relative Price Volatility In The Efficiency Of Investment Allocation
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Author :
language : en
Publisher:
Release Date : 2010
The Role Of Relative Price Volatility In The Efficiency Of Investment Allocation written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
