Inflation, Prices, and Information in Competitive Search
نویسندگان
چکیده
منابع مشابه
The Informativeness of Prices: Search with T.kajining and Inflation Uncertainty
Sources of aggregate cost uncertainty, such as real shocks or unanticipated inflation, reduce the information content of prices by making it difficult to separate relative and aggregate price variations. But when agents can acquire information, for instance by searching, such increased noise may in fact lead them to become better informed in equilibrium, and prices will reflect increased compet...
متن کاملImport Prices and Inflation
Understanding the consequences of international developments for domestic inflation is an extremely important question for central banks. But before we claim to have measured the extent of import price pass-through, it is necessary to be clear on exactly what such a number is intended to mean. One can attempt to come up with an answer on the basis of either economic theory or empirical evidence...
متن کاملSearch, money, and inflation under private information
____________________________________________________________ I study a version of the Lagos-Wright (2003) model of monetary exchange in which buyers have private information about their tastes and sellers make take-it-or-leave-it-offers (i.e., have the power to set prices and quantities). The introduction of imperfect information makes the existence of monetary equilibrium a more robust feature...
متن کاملInflation tax in the lab: a theoretical and experimental study of competitive search equilibrium with inflation
In this paper we measure the effect of the inflation tax on economic activity and welfare within a controlled setting. To do so, we develop a model of price posting and monetary exchange with inflation and finite populations. The model, which provides a game–theoretic foundation to Rocheteau and Wright (2005)'s competitive search monetary equilibrium, is used to derive theoretical propositions ...
متن کاملCompetitive information provision in sequential search markets
We study competitive information provision in search markets. Consider the used car market: as a consumer searches, she receives noisy signals of the values of cars. She can consult an expert (say Carfax or a mechanic) to find out more about the true value before deciding whether to purchase a particular car or keep searching. Prior research has studied the pricing problem faced by a monopolist...
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ژورنال
عنوان ژورنال: Advances in Macroeconomics
سال: 2006
ISSN: 1534-6013
DOI: 10.2202/1534-6013.1313