Asymmetric Price Adjustment: Are IPO Prices too "Sticky"?
نویسندگان
چکیده
منابع مشابه
Why are Gasoline Prices Sticky? A Test of Alternative Models of Price Adjustment
Several macroeconomic models of business cycles rely on the assumption that rms adjust prices infrequently to generate the short-run non-neutrality of money documented by the literature on monetary transmission. These models posit di¤erent mechanisms to generate price stickiness, with correspondingly di¤erent implications for ination dynamics. While empirical implications regarding the respon...
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The menu-cost interpretation of sticky prices implies that the probability of a price change should depend on the past history of prices and fundamentals only through the gap between the current price and the frictionless price. We find that this prediction is broadly consistent with the behavior of 9 Philadelphia gasoline wholesalers. We nevertheless reject the menu-cost model as a literal des...
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ژورنال
عنوان ژورنال: Journal of Business & Economics Research (JBER)
سال: 2011
ISSN: 2157-8893,1542-4448
DOI: 10.19030/jber.v7i5.2291