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Nominal Rigidities and Market Structure: Some Macroeconomic Implications

Ramon Caminal ()

Annals of Economics and Statistics, 1995, issue 37-38, 133-161

Abstract: This paper analyzes the macroeconomic implications of asymmetric price adjustment, under alternative assumptions regarding market structure and the nominal rigidity. It is shown that: a) aggregate output does not decreases (and sometimes increases) with the dispersion of shocks; b) with strategic price setting higher inflation rates are associated with higher output levels; c) sectorial shocks may create aggregate output fluctuations; d) the relationship between average inflation and aggregate output fluctuations is ambigous.

Date: 1995
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Handle: RePEc:adr:anecst:y:1995:i:37-38:p:133-161