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Medientyp:
E-Artikel
Titel:
Inflation, Output and Labour Productivity When Prices are Changed Infrequently
Beteiligte:
Konieczny, Jerzy D.
Erschienen:
London School of Economics and Political Science, 1990
Erschienen in:
Economica, 57 (1990) 226, Seite 201-218
Sprache:
Englisch
ISSN:
0013-0427;
1468-0335
Entstehung:
Anmerkungen:
Beschreibung:
When prices are changed infrequently, the effect of inflation on output depends on the form of profit and demand functions. The paper provides a general taxonomy. At small inflation rates output falls (rises; stays the same) if the demand function is concave (convex; linear) in terms of the log of real price. This holds when the frequency of price changes is fixed (in case of a catalogue firm) as well as when it is chosen optimally (in case of a menu cost firm), with fixed and variable price adjustments costs. With some specifications inflation increases output but reduces labour productivity.