Relative-Price Changes as Aggregate Supply Shocks
نویسندگان
چکیده
منابع مشابه
Relative-price Changes as Aggregate Supply Shocks* Laurence
This paper proposes a theory of supply shocks, or shifts in the short-run Phillips curve, based on relative-price changes and frictions in nominal price adjustment. When price adjustment is costly, firms adjust to large shocks but not to small shocks, and so large shocks have disproportionate effects on the price level. Therefore, aggregate inflation depends on the distribution of relative-pric...
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ژورنال
عنوان ژورنال: The Quarterly Journal of Economics
سال: 1995
ISSN: 0033-5533,1531-4650
DOI: 10.2307/2118514