English, Article edition: INFLATION REGIMES AND PRICE-SETTING INTERACTIONS EDOARDO GAFFEO

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Physical Description
  • article
Language
  • English

Edition details

Title
  • INFLATION REGIMES AND PRICE-SETTING INTERACTIONS
Author
  • EDOARDO GAFFEO
Physical Description
  • article
Notes
  • A large body of empirical work is clear-cut in suggesting that the international post-war inflation experience may be described in terms of switches among multiple regimes. A definite explanation of this stylized fact, however, is still under debate. In this paper, we model an economy composed of a large number of interacting price-setting firms which can replicate the evidence at hand. Interactions emerge as a by-product of consumers' uncertainty on the prices charged by different firms. The underlying Markovian structure possesses a stationary distribution with multiple modes, so that its associated dynamics is characterized by multiple regimes and sudden transitions among them. In particular, for any (almost-fully accommodating) monetary policy reaction function, the existence of a multiplicity of inflation regimes is associated to the information acquisition technology consumers have in searching for the lowest price.
  • Inflation, regime switching, interactions
  • RePEc:wsi:ijtafx:v:08:y:2005:i:03:p:339-355
Language
  • English
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