Economics at your fingertips  

Nedokonalá konkurence, náklady cenových změn a neúplná racionalita jako zdroje nominální cenové rigidity v nové keynesovské makroekonomii

Imperfect competition, menu costs and near rationality as a source of the nominal price rigidity in the new keynesian macroeconomics

Karel Brůna ()

Politická ekonomie, 2003, vol. 2003, issue 6, 901-914

Abstract: This study stress attention to the effects of imperfect competitive markets, menu costs and firm near rationality upon nominal price rigidity and non-neutrality of money in works of new keynesian economists. New keynesians consider the price rigidity as a direct expression of the firm price decisions in the context of the nominal aggregate demand shock initiated by change in the central bank money supply. But such case of nominal price stability is the result of firm price decision only when it meets combination of "right" parametres of firm demand and supply function, it means "right" slope of marginal revenue and marginal costs function and their stability (anti-cyclical movements of the mark-ups) that is based above all on high firm monopoly power and high elasticity of labor supply. Explanation of the price rigidity should therefore put together the influence of menu costs and near rationality with real price and wage rigidities.

Keywords: inflation; unemployment; Phillips curve; real growth; menu costs; near rationality (search for similar items in EconPapers)
JEL-codes: B52 E31 E50 (search for similar items in EconPapers)
Date: 2003
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link) (text/html) (application/pdf)
free of charge

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from
Redakce Politické ekonomie, Vysoká škola ekonomická, nám. W. Churchilla 4, 130 67 Praha 3

DOI: 10.18267/j.polek.445

Access Statistics for this article

Politická ekonomie is currently edited by Jiřina Bulisová

More articles in Politická ekonomie from University of Economics, Prague Contact information at EDIRC.
Bibliographic data for series maintained by Stanislav Vojir ().

Page updated 2020-08-18
Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:6:id:445