Microeconomic Price Adjustments and Inflation: Evidence from Spanish Sectoral Data

Angel Estrada and Ignacio Hernando

Working Papers from Banco de España

Abstract: The purpose of this paper is to illustrate the implications for aggregate price dynamics of alternative characterizations of microeconomic price adjustment policies. Within the hazard adjustment framework developed in Caballero and Engel (1993a), we present alternative models of individual price adjustment that are consistent with the predictions of the menu-cost models.

Keywords: INFLATION; PRICES; MARKET STRUCTURE (search for similar items in EconPapers)
JEL-codes: D49 E31 (search for similar items in EconPapers)
Pages: 34 pages
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:9921

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