Download or read book Essays on the Cyclical Behavior of Cost and Price written by Mark Joseph Bils and published by . This book was released on 1985 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Cyclical Behavior of Price and Costs written by Julio Rotemberg and published by . This book was released on 1998 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: Because inputs are scarce, marginal cost is an increasing function of output. Diminishing returns, costs of increasing employment as well as the increasing marginal disutility of working when hours worked and effort rise all contribute to make this function steep. Without changes in this function relating marginal cost to output, aggregate output can vary if and only if the markup of price to marginal cost (the inverse of real marginal cost for typical firms) varies. We first study whether, empirically, real marginal cost does rise in cyclical expansions. Average real labor cost is not very pro-cyclical but, for several reasons, marginal labor cost is more procyclical than average labor cost. These include the presence of overhead labor and adjustment costs as well as differences between the marginal and average wage. These corrections results in procyclical measures of real marginal cost. Measures of marginal costs based on materials costs and inventories also appear procyclical. We show that these procyclical movements in marginal cost may, depending on how costs are modeled, account for a substantial fraction of cyclical output movements. Finally, we survey models of variable markups. These include both models of sticky prices (in which markups vary because firms cannot all costlessly charge the markup they desire) and models in which firms' desired markup varies over time. This set of models allows a rich set of variables to affect output even if these variables do not shift the marginal cost schedule.

Download or read book The Cyclical Behavior of Prices and Costs written by Julio Rotemberg and published by . This book was released on 1999 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: Because inputs are scarce, marginal cost should be an increasing function of output. Without changes in this real marginal cost schedule, aggregate output can vary if and only if the markup of price over marginal cost varies. In this review, we discuss the extent to which observed fluctuations in aggregate economic activity depend upon such variations in average markups. We first study whether, empirically, real marginal cost rises in cyclical expansions. Average real labor cost is not very procyclical, but, for reasons such as overhead labor and adjustment costs, marginal labor cost should be more procyclical. Measures of marginal cost based on materials costs and inventories also appear procyclical. We next show that countercyclical markup variation may, depending upon how costs are modeled, account for a substantial fraction of cyclical output movements. We also show that the observed procyclical variations in productivity and profits are consistent with the hypothesis that cyclical variations in output are primarily due to markup variations than to shifts in the real marginal cost schedule. Finally, we survey theories of endogenous markup variation. These include both models of sticky and models in which firms' desired markup varies over time.

Download or read book The Cyclical Behavior of Prices written by John P. Judd and published by . This book was released on 1993 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Cyclical Behavior of Prices written by Geoffrey Hoyt Moore and published by . This book was released on 1971 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Optimum Quantity Of Money written by Milton Friedman and published by Transaction Publishers. This book was released on 2005-01-01 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: This classic set of essays by Nobel Laureate and leading monetary theorist Milton Friedman presents a coherent view of the role of money, focusing on specific topics related to the empirical analysis of monetary phenomena and policy. The early chapters cover factors determining the real quantity of money held in a community and the welfare implications of policies that affect the quantity held. The following chapters formally restate why quantity analysis has become central to the science of economics. Friedman's presidential address to the American Economic Association, included here, provides a general summary of his views on the role of monetary policy, with an emphasis on its limitations and its possibilities. This theoretical framework is used in examining a number of empirical problems: the demand for money, the explanation of price changes in wartime periods, and the role of money in business cycles. These essays summarize some of the most important results of Friedman's extensive research over the course of his lifetime. The chapters on policy that follow survey the positions of earlier economists and deal with the importance of lags and the implications of destabilizing speculation in foreign markets. Taken as a whole, The Optimum Quantity of Money provides a comprehensive view of the body of monetary theory developed in leading centers of monetary analysis. This work is essential reading for economists and graduate students in the field. The volume will be no less important for practicing business and banking personnel as well. The new statement by Michael Bordo, a student of Friedman's and an expert in the field, provides a sense of where the field now stands in the economy and academy. Milton Friedman is a senior fellow at the Hoover Institution of Stanford University. Before that, he was Distinguished Service Professor of Economics at the University of Chicago. He has also taught at Columbia University, the University of Wisconsin, the University of Minnesota, and Cambridge University. Among his many books are Essays in Positive Economics, A Program for Monetary Stability, Capitalism and Freedom, and A Monetary History of the United States. Michael D. Bordo is professor of economics at Rutgers, The State University of New Jersey, and author, with Lars Jonung, of, among other works, Demand for Money.

Download or read book The Cyclical Behavior of the Price Cost Markup written by Christopher J. Nekarda and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A countercyclical markup of price over marginal cost is the key transmission mechanism for demand shocks in textbook New Keynesian (NK) models. This paper re-examines the foundation of those models. We study the cyclicality of markups in the private economy as well as in detailed manufacturing industries. First, we show that frameworks for measuring markups that have produced the strongest evidence for countercyclicality produce the opposite result when we substitute new methods and data. Second, because the NK model's predictions differ by the nature of the shock, we present evidence on the cyclicality of the markup conditional on various types of shocks. Consistent with the NK model, we find that markups are procyclical conditional on a technology shock. However, we find that they are either procyclical or acyclical conditional on demand shocks. Thus, the textbook NK explanation for the effects of government spending or monetary policy is not supported by the behavior of the markup.

Download or read book Imperfect Competition and Sticky Prices written by N. Gregory Mankiw and published by MIT Press. This book was released on 1991 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: These two volumes bring together a set of important essays that represent a "new Keynesian" perspective in economics today. This recent work shows how the Keynesian approach to economic fluctuations can be supported by rigorous microeconomic models of economic behavior. The essays are grouped in seven parts that cover costly price adjustment, staggering of wages and prices, imperfect competition, coordination failures, and the markets for labor, credit, and goods. An overall introduction, brief introductions to each of the parts, and a bibliography of additional papers in the field round out this valuable collection.Volume 1 focuses on how friction in price setting at the microeconomic level leads to nominal rigidity at the macroeconomic level, and on the macroeconomic consequences of imperfect competition, including aggregate demand externalities and multipliers. Volume 2 addresses recent research on non-Walrasian features of the labor, credit, and goods markets. Contributors George A Akerlof, Costas Azariadis, Laurence Ball, Ben S. Bernanke, Mark Bits, Olivier J. Blanchard, Alan S. Blinder, John Bryant, Andrew S. Caplin, Dennis W. Carlton, Stephen G. Cecchetti, Russell Cooper, Peter A. Diamond, Gary Fethke, Stanley Fischer, Robert E. Hall, Oliver Hart, Andrew John, Nobuhiro Kiyotaki, Alan B. Krueger, David M. Lilien, Ian M. McDonald, N. David Mankiw, Arthur M. Okun, Andres Policano, David Romer, Julio J. Rotemberg, Garth Saloner, Carl Shapiro, Andrei Shleifer, Robert M. Solow, Daniel F. Spulber, Joseph E. Stiglitz, Lawrence H. Summers, John Taylor, Andrew Weiss, Michael Woodford, Janet L. Yellen

Download or read book The Oxford Handbook of Post Keynesian Economics Volume 1 written by Geoffrey Colin Harcourt and published by Oxford University Press, USA. This book was released on 2013-07 with total page 637 pages. Available in PDF, EPUB and Kindle. Book excerpt: These two volumes cover the principal areas to which Post-Keynesian economists have made distinctive contributions. The contents include the significant criticism by Post-Keynesians of mainstream economics, but the emphasis is on positive Post-Keynesian analysis of the economic problems of the modern world and of policies with which to tackle them.

Download or read book Analyzing Modern Business Cycles Essays Honoring written by Philip A Klein and published by Routledge. This book was released on 2017-10-03 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 1990.

Download or read book Brookings Papers on Economic Activity Fall 2009 written by David H. Romer and published by Brookings Institution Press. This book was released on 2010-07-01 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brookings Papers on Economic Activity (BPEA) provides academic and business economists, government officials, and members of the financial and business communities with timely research on current economic issues. Contents: Editors' Summary Heeding Daedalus: Optimal Inflation and the Zero Lower Bound By John C. Williams The Age of Reason: Financial Decisions over the Life Cycle and Implications for Regulation By Sumit Agarwal, John C. Driscoll, and Xavier Gabaix Interpreting the Unconventional U.S. Monetary Policy of 2007-09 By Ricardo Reis By How Much Does GDP Rise If the Government Buys More Output? By Robert E. Hall When the North Last Headed South: Revisiting the 2930s By Carmen M. Reinhart and Vincent R. Reinhart

Download or read book Cyclical Pricing of Durable Goods written by Mark Bils and published by . This book was released on 1989 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: I examine price markups in monopolisticly-competitive markets that experience fluctuations in demand because the economy experiences cyclical fluctuations in productivity. Markups depend positively on the average income of purchasers in the market. For a nondurable good average income of purchasers is procyclical; so the markup is procyclical. For a durable good. however. the average income of purchasers is likely to decrease in booms because low income consumers of the good concentrate their purchases in boom periods; so the markup is likely countercyclical. This is particularly true for growing markets. I find markups make the aggregate economy fluctuate more in response to productivity if goods are sufficiently durable.

Download or read book Essays on the Great Depression written by Ben S. Bernanke and published by Princeton University Press. This book was released on 2024-01-09 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the Nobel Prize–winning economist and former chair of the U.S. Federal Reserve, a landmark book that provides vital lessons for understanding financial crises and their sometimes-catastrophic economic effects As chair of the U.S. Federal Reserve during the Global Financial Crisis, Ben Bernanke helped avert a greater financial disaster than the Great Depression. And he did so by drawing directly on what he had learned from years of studying the causes of the economic catastrophe of the 1930s—work for which he was later awarded the Nobel Prize. Essays on the Great Depression brings together Bernanke’s influential work on the origins and economic lessons of the Depression, and this new edition also includes his Nobel Prize lecture.

Download or read book Brookings Papers on Economic Activity Spring 2011 written by David H. Romer and published by Brookings Institution Press. This book was released on 2011-09-15 with total page 421 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brookings Papers on Economic Activity: Spring 2011 • Job Search, Emotional Well-Being, and Job Finding in a Period of Mass Unemployment: Evidence from High-Frequency Longitudinal Data By Alan B. Krueger and Andreas Mueller • Financially Fragile Households: Evidence and Implications By Annamaria Lusardi, Daniel Schneider, and Peter Tufano • Let's Twist Again: A High-Frequency Event-Study Analysis of Operation Twist and Its Implications for QE2 By Eric T. Swanson • An Exploration of Optimal Stabilization Policy By N. Gregory Mankiw and Matthew Weinzierl • What Explains the German Labor Market Miracle in the Great Recession? By Michael C. Burda and Jennifer Hunt • Inflation Dynamics and the Great Recession By Laurence Ball and Sandeep Mazumder

Download or read book Competing Schools of Economic Thought written by Lefteris Tsoulfidis and published by Springer Nature. This book was released on with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Competition Policy Analysis written by Einar Hope and published by Routledge. This book was released on 2000-08-31 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: As markets become increasingly integrated and globalised, competition policy is facing new challenges. Contributions from leading international experts explore theoretical and methodological issues of practical relevance for the new competition policy order and give examples of practical policy adjustments.

Download or read book Industrial Organization And Trade In The Food Industries written by Ian Sheldon and published by CRC Press. This book was released on 2019-04-24 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the outcome of a conference on 'Empirical Studies of Industrial Organization and Trade in the Food Industries' in Indianapolis. The conference placed an emphasis on empirical applications of new methods linking industrial organization and trade theory for the U.S. food industries.