文章基本信息

标题：Sales and Monetary Policy
本地全文：下载
作者：Bernardo Guimaraes ; Kevin D. Sheedy
期刊名称：CEP Discussion Paper
出版年度：2008
卷号：2008
期号：aug
出版社：Centre for Economic Performance
摘要：A striking fact about prices is the prevalence of ``sales'': large temporary price cuts followed by a return exactly to the former price. This paper builds a macroeconomic model with a rationale for sales based on firms facing consumers with different price sensitivities. Even if firms can vary sales without cost, monetary policy has large real effects owing to sales being strategic substitutes: a firm's incentive to have a sale is decreasing in the number of other firms having sales. Thus the flexibility of prices at the micro level due to sales does not translate into flexibility at the macro level.
关键词：sales; monetary policy; nominal rigidities