English, Article, Journal or magazine article edition: Does state-dependent pricing imply coordination failure? Alexander L. Wolman

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Bookmark: http://trove.nla.gov.au/version/74882
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Does state-dependent pricing imply coordination failure?
Author
  • Alexander L. Wolman
Physical Description
  • preprint
Notes
  • The analysis in Ball and Romer [1991] suggests that models with fixed costs of changing price may be rife with multiple equilibria; in their static model price adjustment is always characterized by strategic complementarity, a necessary condition for multiplicity. We extend Ball and Romer's analysis to a dynamic setting. In steady states of the dynamic model, we find only weak complementarity and no evidence of multiplicity, although nonexistence of symmetric steady state with pure strategies does arise in a small number of cases.
  • Monetary policy ; Prices ; Mathematical models
  • RePEc:fip:fedrwp:99-05
Language
  • English
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