The Effects Of General Inflation And Idiosyncratic Cost Shocks On Within Commodity Price Dispersion
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The Effects Of General Inflation And Idiosyncratic Cost Shocks On Within Commodity Price Dispersion
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Author : J. Joseph Beaulieu
language : en
Publisher:
Release Date : 1994
The Effects Of General Inflation And Idiosyncratic Cost Shocks On Within Commodity Price Dispersion written by J. Joseph Beaulieu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.
The Effects Of General Inflation And Idiosyncratic Cost Shocks On Within Commodity Price Dispersion
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Author : Joe Beaulieu
language : en
Publisher:
Release Date : 2008
The Effects Of General Inflation And Idiosyncratic Cost Shocks On Within Commodity Price Dispersion written by Joe Beaulieu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
This study investigates the dispersion of price levels within highly dis-aggregated markets by examining plant- level product records from the U.S. Census of Manufactures. The paper estimates the effects of inflation on price dispersion through cross-sectional variation in the drift rate of average target prices within a market. In a menu cost model, where sellers try to keep posted prices close to desired prices, an increase in the price of an important input raises the desired output price in much the same way that an increase in general inflation raises target prices. We measure the drift rate of the desired price from the average growth rates of composite input price indices. We then compare the drift rates of the desired prices with the dispersions of prices within markets. With microdata, we also disentangle the effects of aggregate and idiosyncratic shocks to target prices. In menu cost models, a higher variance of total shocks leads to a widening of adjustment bands, and consequently an increase in dispersion. Higher aggregate variation, however, may also lead to clumping as in Caplin-Leahy (1991), leading to lower dispersion. Higher variation also reduces the signal-to-noise ratio in imperfect information models, and it reduces the information content in a single observation in search models such as Tommasi (1992). Lower information content also may increase price dispersion in these models. Overall, our results are significant; we explain about one-fifth of the variation in the amount of price dispersion across different commodities. In general, we find that the higher the drift rate of the desired price of a given commodity, the larger the amount of price dispersion. The standard deviation of idiosyncratic shocks also is positively correlated with the degree of price dispersion, while the standard deviation of aggregate shocks is negatively correlated with price dispersion.
The Effects Of General Inflation And Idiosyncratic Cost Shocks On Within Commodity Price Dispersion
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Author :
language : en
Publisher:
Release Date : 1994
The Effects Of General Inflation And Idiosyncratic Cost Shocks On Within Commodity Price Dispersion written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.
The Effects Of General Inflation And Idiosyncratic Cost Shocks On Within Commodity Price Dispersion
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Author : Ana M. Aizcorbe
language : en
Publisher:
Release Date : 1994
The Effects Of General Inflation And Idiosyncratic Cost Shocks On Within Commodity Price Dispersion written by Ana M. Aizcorbe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Automobile industry and trade categories.
The Effects Of General Inflation And Idiosyncratic Cost Shocks On Within Commodity Price Dispersion
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Author : Joe Beaulieu
language : en
Publisher:
Release Date : 1994
The Effects Of General Inflation And Idiosyncratic Cost Shocks On Within Commodity Price Dispersion written by Joe Beaulieu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Inflation (Finance) categories.
Proceedings
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Author :
language : en
Publisher:
Release Date : 1995
Proceedings written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Census categories.
Economic Review
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Author :
language : en
Publisher:
Release Date : 2000
Economic Review written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Banks and banking categories.
General Business And Agricultural Conditions In The Twelfth Federal Reserve District
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Author :
language : en
Publisher:
Release Date : 2000
General Business And Agricultural Conditions In The Twelfth Federal Reserve District written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Banks and banking categories.
The Efficiency Cost Of Market Power In The Banking Industry
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Author : Allen N. Berger
language : en
Publisher:
Release Date : 1994
The Efficiency Cost Of Market Power In The Banking Industry written by Allen N. Berger and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Bank management categories.
Idiosyncratic Variation Of Treasury Bill Yields
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Author : Gregory R. Duffee
language : en
Publisher:
Release Date : 1994
Idiosyncratic Variation Of Treasury Bill Yields written by Gregory R. Duffee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.