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Author: Phillip Cagan Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
A variety of theories have been offered to explain why prices generally respond so little to declines in demand, and do so now less than formerly. Most of these center around a dependence of prices on costs, or the anticipated trend of costs, and a greater disregard for short-run changes in demand. The more appealing hypothesis is the simple one that price setters tend to adjust slowly to changes in market conditions; they transmit but do not originate inflation. To find that prices in the less competitive markets respond more slowly to changes in market conditions - first lagging, then catching up - would support the theory that firms try to avoid frequent changes in prices but vary in their ability to do so. Are lags in price adjustment related to market structure? Previous empirical studies of the relationship are inconclusive on this point. Earlier literature, largely theoretical, has suggested that concentrated industries tend to raise prices more rapidly, thereby exerting a permanent upward push on the price level. Empirical studies have usually reported the opposite or no consistent relation, however. On the lag-and-catching-up theory, the concentrated industries should exhibit greater increases in the period of waning inflation after 1969. This study examines the data for such a pattern and finds striking evidence of it.
Author: Phillip Cagan Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
A variety of theories have been offered to explain why prices generally respond so little to declines in demand, and do so now less than formerly. Most of these center around a dependence of prices on costs, or the anticipated trend of costs, and a greater disregard for short-run changes in demand. The more appealing hypothesis is the simple one that price setters tend to adjust slowly to changes in market conditions; they transmit but do not originate inflation. To find that prices in the less competitive markets respond more slowly to changes in market conditions - first lagging, then catching up - would support the theory that firms try to avoid frequent changes in prices but vary in their ability to do so. Are lags in price adjustment related to market structure? Previous empirical studies of the relationship are inconclusive on this point. Earlier literature, largely theoretical, has suggested that concentrated industries tend to raise prices more rapidly, thereby exerting a permanent upward push on the price level. Empirical studies have usually reported the opposite or no consistent relation, however. On the lag-and-catching-up theory, the concentrated industries should exhibit greater increases in the period of waning inflation after 1969. This study examines the data for such a pattern and finds striking evidence of it.
Author: Michael D. Bordo Publisher: University of Chicago Press ISBN: 0226066959 Category : Business & Economics Languages : en Pages : 545
Book Description
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Author: United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Monopoly, and Business Rights Publisher: ISBN: Category : Antitrust law Languages : en Pages : 820
Author: United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Monopoly, and Business Rights Publisher: ISBN: Category : Antitrust law Languages : en Pages : 836
Author: United States. Congress. House. Committee on Banking, Currency, and Housing. Subcommittee on Economic Stabilization Publisher: ISBN: Category : Inflation (Finance) Languages : en Pages : 762
Author: United States. Congress. House. Committee on the Judiciary. Subcommittee on Monopolies and Commercial Law Publisher: ISBN: Category : Antitrust law Languages : en Pages : 942
Author: David B. Audretsch Publisher: Springer Science & Business Media ISBN: 9401127956 Category : Business & Economics Languages : en Pages : 283
Book Description
Empirical Studies in Industrial Organization brings together leading scholars who present state-of-the-art research in the spirit of the structure-conduct-performance paradigm embodied in the work of Leonard W. Weiss. The individual chapters are generally empirically or public policy oriented. A number of them introduce new sources of data that, combined with the application of appropriate econometric techniques, enable new breakthroughs and insights on issues hotly debated in the industrial organization literature. For example, five of the chapters are devoted towards uncovering the link between market concentration and pricing behavior. While theoretical models have produced ambiguous predictions concerning the relationship between concentration and price these chapters, which span a number of different markets and situations, provide unequivocal evidence that a high level of market concentration tends to result in a higher level of prices. Three of the chapters explore the impact of market structure on production efficiency, and three other chapters focus on the role of industrial organization on public policy. Contributors include David B. Audretsch, Richard E. Caves, Mark J. Roberts, F.M. Scherer, John J. Siegfried and Hideki Yamawaki.
Author: Phillip Cagan
Author: Phillip Cagan
Author: Michael D. Bordo
Author: United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Monopoly, and Business Rights
Author: United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Monopoly, and Business Rights
Author: United States. Congress. House. Banking and Currency Committee
Author: United States. Congress. House. Committee on Banking, Currency, and Housing. Subcommittee on Economic Stabilization
Author: United States. Congress. House. Committee on the Judiciary. Subcommittee on Monopolies and Commercial Law
Author: Kathleen Ann Pulling
Author: Frederic M. Scherer
Author: David B. Audretsch