Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 17 Jan 2018 My Price 7.00

staggered price-setting

The instability of staggered price-setting. Suppose the economy is described as in Problem 7.1, and assume for simplicity that m is a random walk (so mt = mt−1+ut, where u is white noise and has a constant variance). Assume the profits a firm loses over two periods relative to always having pt = p∗ t is proportional to (pit− p∗ it) 2 + (pit+1− p∗ it+1) 2. If f < 1/2="" and="">< 1,="" is="" the="" expected="" value="" of="" this="" loss="" larger="" for="" the="" firms="" that="" set="" their="" prices="" in="" odd="" periods="" or="" for="" the="" firms="" that="" set="" their="" prices="" in="" even="" periods?="" in="" light="" of="" this,="" would="" you="" expect="" to="" see="" staggered="" price-setting="" if=""><>

Problem 1

The Fischer model with unbalanced price-setting. Suppose the economy is described by the model of Section 7.2, except that instead of half of firms setting their prices each period, fraction f set their prices in odd periods and fraction 1 − f set their prices in even periods. Thus the price level is   is odd. Derive expressions analogous to (7.27) and (7.28) for pt and yt for even and odd periods.

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Maurice Tutor
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Status NEW Posted 17 Jan 2018 05:01 PM My Price 7.00

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