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- W3124407398 abstract "There are two broad classes of sticky-price models that have become popular in recent years. In the first class, prices adjust infrequently by assumption (so-called time-dependent models) and in the second class prices adjust infrequently because there is assumed to be a fixed cost of price adjustment (so-called state-dependent models). In both types of models it is common to assume that there are many goods, each produced with identical technologies. Consumers have a preference for variety, but their preferences treat all goods symmetrically. These assumptions mean that it is efficient for all goods to be produced in the same quantities. For that to happen, all goods must sell for the same price at any point in time. Assuming that price adjustment is staggered (as opposed to synchronized), the prices of all goods must be constant over time in order for all goods to be produced in the same quantities. If the aggregate price level were changing over time—even at a constant rate—then with staggered price adjustment prices would necessarily differ across goods. If there are multiple sectors that possess changing relative technologies or that face changing relative demand conditions (because consumers’preferences are changing across goods), then in general it will no longer be efficient to produce all the goods in the same quantities. Equating marginal rates of transformation to marginal rates of substitution may require relative prices to change over time. These efficient changes in relative prices across sectors require nominal prices to change within sectors. With frictions in nominal" @default.
- W3124407398 created "2021-02-01" @default.
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- W3124407398 date "2008-07-01" @default.
- W3124407398 modified "2023-09-26" @default.
- W3124407398 title "Nominal Frictions, Relative Price Adjustment, and the Limits to Monetary Policy" @default.
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