Artigo Revisado por pares

Efficiency of the Natural Rate

1975; University of Chicago Press; Volume: 83; Issue: 6 Linguagem: Inglês

10.1086/260391

ISSN

1537-534X

Autores

Edward C. Prescott,

Tópico(s)

Monetary Policy and Economic Impact

Resumo

Previous articleNext article No AccessReview ArticleEfficiency of the Natural RateEdward C. PrescottEdward C. PrescottPDFPDF PLUS Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinkedInRedditEmail SectionsMoreDetailsFiguresReferencesCited by Journal of Political Economy Volume 83, Number 6Dec., 1975 Article DOIhttps://doi.org/10.1086/260391 Views: 7Total views on this site Citations: 95Citations are reported from Crossref Copyright 1975 The University of ChicagoPDF download Crossref reports the following articles citing this article:Boyan Jovanovic and Albert J. Menkveld Equilibrium Bid-Price Dispersion, Journal of Political Economy 130, no.22 (Dec 2021): 426–461.https://doi.org/10.1086/717454David de Meza, Francesco Reito Macro shocks cause equilibrium price dispersion, Economics Letters 208 (Nov 2021): 110082.https://doi.org/10.1016/j.econlet.2021.110082David de Meza, Francesco Reito Too much waste, not enough rationing: The failure of stochastic, competitive markets, Journal of Economic Theory 188 (Jul 2020): 105067.https://doi.org/10.1016/j.jet.2020.105067R. Andrew Butters On demand uncertainty in the newsvendor model, Economics Letters 185 (Dec 2019): 108746.https://doi.org/10.1016/j.econlet.2019.108746Hao Wang ON THE PROFITABILITY OF RESALE PRICE MAINTENANCE WHEN DEMAND IS UNCERTAIN, Bulletin of Economic Research 71, no.33 (Dec 2018): 416–427.https://doi.org/10.1111/boer.12183Diego Escobari, Manuel A. Hernandez SEPARATING BETWEEN UNOBSERVED CONSUMER TYPES: EVIDENCE FROM AIRLINES, Economic Inquiry 57, no.22 (Oct 2018): 1215–1230.https://doi.org/10.1111/ecin.12736Ibrahim Mohammed, Basak Denizci Guillet, Rob Law , Tourism Economics 25, no.88 ( 2019): 1245.https://doi.org/10.1177/1354816619826829Fei Li, Charles Murry, Can Tian, Yiyi Zhou The Price Theory and Empirics of Inventory Management, SSRN Electronic Journal (Jan 2019).https://doi.org/10.2139/ssrn.3456779Benjamin Eden PRICE DISPERSION AND DEMAND UNCERTAINTY: EVIDENCE FROM U.S. SCANNER DATA, International Economic Review 59, no.33 (Jun 2018): 1035–1075.https://doi.org/10.1111/iere.12296Kenneth Burdett, Guido Menzio The (Q,S,s) Pricing Rule, The Review of Economic Studies 85, no.22 (Aug 2017): 892–928.https://doi.org/10.1093/restud/rdx048Gaurab Aryal, Charles Murry, Jonathan W. Williams Price Discrimination in International Airline Markets, SSRN Electronic Journal (Jan 2018).https://doi.org/10.2139/ssrn.3288276Seong-Hoon Kim, Seongman Moon A Map of Markups: Why We Observe Mixed Behaviors of Markups, Journal of Economics & Management Strategy 26, no.22 (Feb 2017): 529–553.https://doi.org/10.1111/jems.12193Ching-jen Sun Dynamic price dispersion in Bertrand–Edgeworth competition, International Journal of Game Theory 46, no.11 (Feb 2016): 235–261.https://doi.org/10.1007/s00182-016-0531-0Liran Einav, Chiara Farronato, Jonathan Levin Peer-to-Peer Markets, Annual Review of Economics 8, no.11 (Oct 2016): 615–635.https://doi.org/10.1146/annurev-economics-080315-015334Diego Escobari, Manuel A. Hernandez Screening and Price Discrimination with Unobserved Consumer Types: Evidence from Airlines, SSRN Electronic Journal (Jan 2015).https://doi.org/10.2139/ssrn.2552313James D. Dana, Eugene Orlov Internet Penetration and Capacity Utilization in the US Airline Industry, American Economic Journal: Microeconomics 6, no.44 (Nov 2014): 106–137.https://doi.org/10.1257/mic.6.4.106Diego Escobari, Jim Lee Demand uncertainty and capacity utilization in airlines, Empirical Economics 47, no.11 (Jun 2013): 1–19.https://doi.org/10.1007/s00181-013-0725-2Seong-Hoon Kim, Seongman Moon A Risk Map of Markups: Why We Observe Mixed Behaviors of Markups, SSRN Electronic Journal (Jan 2014).https://doi.org/10.2139/ssrn.2495193Benjamin Eden Price Dispersion and Demand Uncertainty: Evidence from US Scanner Data, SSRN Electronic Journal (Jan 2014).https://doi.org/10.2139/ssrn.2500316Benjamin Eden Demand Uncertainty and Efficiency, SSRN Electronic Journal (Jan 2014).https://doi.org/10.2139/ssrn.2509375Alexander MacKay, David A Smith The Empirical Effects of Minimum Resale Price Maintenance, SSRN Electronic Journal (Jan 2014).https://doi.org/10.2139/ssrn.2513533Boyan Jovanovic, Albert J. Menkveld Endogenous Price Dispersion, SSRN Electronic Journal (Jan 2014).https://doi.org/10.2139/ssrn.2463066Diego Escobari Asymmetric Price Adjustments in Airlines, Managerial and Decision Economics 34, no.22 (Dec 2012): 74–85.https://doi.org/10.1002/mde.2575Diego Escobari, Jim Lee Demand Uncertainty and Capacity Utilization in Airlines, SSRN Electronic Journal (Jan 2013).https://doi.org/10.2139/ssrn.2717714Diego Escobari Dynamic Pricing, Advance Sales and Aggregate Demand Learning in Airlines, The Journal of Industrial Economics 60, no.44 (Dec 2012): 697–724.https://doi.org/10.1111/joie.12004Athanasios Geromichalos Directed search and optimal production, Journal of Economic Theory 147, no.66 (Nov 2012): 2303–2331.https://doi.org/10.1016/j.jet.2012.09.008Diego Escobari, Sang-Yeob Lee Demand shifting across flights and airports in a spatial competition model, Letters in Spatial and Resource Sciences 5, no.33 (May 2012): 175–183.https://doi.org/10.1007/s12076-012-0081-4Seong-Hoon Kim, Seongman Moon Risk Channels of Pricing and Production: A Model of Inertial Prices and Cyclical Markups, SSRN Electronic Journal (Jan 2012).https://doi.org/10.2139/ssrn.2164983Diego Escobari Asymmetric Price Adjustments in Airlines, SSRN Electronic Journal (Jan 2012).https://doi.org/10.2139/ssrn.2717780Diego Escobari, Sang-Yeob Lee Demand Shifting Across Flights and Airports in a Spatial Competition Model, SSRN Electronic Journal (Jan 2012).https://doi.org/10.2139/ssrn.2722349ANDREW CAPLIN, JOHN LEAHY Trading Frictions and House Price Dynamics, Journal of Money, Credit and Banking 43 (Sep 2011): 283–303.https://doi.org/10.1111/j.1538-4616.2011.00436.xJames Albrecht Search Theory: The 2010 Nobel Memorial Prize in Economic Sciences, Scandinavian Journal of Economics 113, no.22 (May 2011): 237–259.https://doi.org/10.1111/j.1467-9442.2011.01658.xMichael A. Arnold, Christine Saliba Asymmetric capacity constraints and equilibrium price dispersion, Economics Letters 111, no.22 (May 2011): 158–160.https://doi.org/10.1016/j.econlet.2011.02.014Guillermo Gallego, Srinivas Krishnamoorthy, Robert Phillips Competitive revenue management with forward and spot markets, Journal of Revenue and Pricing Management 10, no.22 (Jun 2009): 132–160.https://doi.org/10.1057/rpm.2009.13Laurent David, Michel Le Breton, Olivier Merillon Public Utility Pricing and Capacity Choice with Stochastic Demand, (Feb 2011): 57–99.https://doi.org/10.1007/978-3-642-17807-8_3Marco Cornia, Kristopher Gerardi, Adam Hale Shapiro Price Discrimination and Business-Cycle Risk, SSRN Electronic Journal (Jan 2011).https://doi.org/10.2139/ssrn.2481146Ralph-C. Bayer Intertemporal price discrimination and competition, Journal of Economic Behavior & Organization 73, no.22 (Feb 2010): 273–293.https://doi.org/10.1016/j.jebo.2009.08.013Christiaan Hogendorn Spillovers and Network Neutrality, SSRN Electronic Journal (Jan 2010).https://doi.org/10.2139/ssrn.1632491Benjamin Eden, Matthew S. Jaremski Discreteness and Nominal Rigidity: Do Supermarket Prices Move Too Much?, SSRN Electronic Journal (Jan 2010).https://doi.org/10.2139/ssrn.1721490Howard P. Marvel, Hao Wang Distribution contracts to support optimal inventory holdings under demand uncertainty, International Journal of Industrial Organization 27, no.55 (Sep 2009): 625–631.https://doi.org/10.1016/j.ijindorg.2009.02.003Benjamin Eden Efficient barriers to trade: A sequential trade model with heterogeneous agents, Journal of International Economics 77, no.22 (Apr 2009): 234–244.https://doi.org/10.1016/j.jinteco.2009.01.002Kristopher S. Gerardi and Adam Hale Shapiro Does Competition Reduce Price Dispersion? New Evidence from the Airline Industry Gerardi and Shapiro, Journal of Political Economy 117, no.11 (Jul 2015): 1–37.https://doi.org/10.1086/597328James D. Dana, Eugene Orlov Internet Penetration and Capacity Utilization in the US Airline Industry, SSRN Electronic Journal (Jan 2009).https://doi.org/10.2139/ssrn.1297341Kensuke HISHIDA, Kakuya MATSUSHIMA, Kiyoshi KOBAYASHI ECONOMIC BENEFIT EVALUATION OF ADVANCE DISCOUNTED FEE SYSTEMS, Doboku Gakkai Ronbunshuu D 65, no.33 (Jan 2009): 413–431.https://doi.org/10.2208/jscejd.65.413DENNIS W. CARLTON, JAMES D. DANA PRODUCT VARIETY AND DEMAND UNCERTAINTY: WHY MARKUPS VARY WITH QUALITY*, The Journal of Industrial Economics 56, no.33 (Nov 2008): 535–552.https://doi.org/10.1111/j.1467-6451.2008.00353.xKiyoshi KOBAYASHI, Kakuya MATSUSHIMA, Kensuke HISHIDA ECONOMIC BENEFIT EVALUATION OF RESERVATION SYSTEMS, Doboku Gakkai Ronbunshuu D 64, no.22 (Jan 2008): 299–318.https://doi.org/10.2208/jscejd.64.299Benjamin Eden Inefficient trade patterns: Excessive trade, cross-hauling and dumping, Journal of International Economics 73, no.11 (Sep 2007): 175–188.https://doi.org/10.1016/j.jinteco.2006.11.005Volker Nocke, Martin Peitz A Theory of Clearance Sales, The Economic Journal 117, no.522522 (Jul 2007): 964–990.https://doi.org/10.1111/j.1468-0297.2007.02074.xLars A. Stole Chapter 34 Price Discrimination and Competition, (Jan 2007): 2221–2299.https://doi.org/10.1016/S1573-448X(06)03034-2Kristopher S. Gerardi, Adam Hale Shapiro The Effects of Competition on Price Dispersion in the Airline Industry: A Panel Analysis, SSRN Electronic Journal (Jan 2007).https://doi.org/10.2139/ssrn.1013385Diego Escobari Stochastic Peak-Load Pricing With Real-Time Demand Learning in the U.S. Airline Industry, SSRN Electronic Journal (Jan 2007).https://doi.org/10.2139/ssrn.1019238Atanu Saha, Allen Ferrell An Asymmetric Payoff-Based Explanation of IPO 'Underpricing', SSRN Electronic Journal (Jan 2007).https://doi.org/10.2139/ssrn.991917James E. Hartley Kydland and Prescott's Nobel Prize: the methodology of time consistency and real business cycle models, Review of Political Economy 18, no.11 (Aug 2006): 1–28.https://doi.org/10.1080/09538250500353993Richard Pike, Nam Sang Cheng, Karen Cravens, Dawne Lamminmaki Trade Credit Terms: Asymmetric Information and Price Discrimination Evidence From Three Continents, Journal of Business Finance Accounting 32, no.5-65-6 (Jun 2005): 1197–1236.https://doi.org/10.1111/j.0306-686X.2005.00627.xSimon P. Anderson, Andre de Palma Price Dispersion and Consumer Reservation Prices, Journal of Economics Management Strategy 14, no.11 (Mar 2005): 61–91.https://doi.org/10.1111/j.1430-9134.2005.00034.xYoram Halevy, Igal Milchtaich Poisson Price Dispersion, SSRN Electronic Journal (Jan 2005).https://doi.org/10.2139/ssrn.770969Hao Wang Resale price maintenance in an oligopoly with uncertain demand, International Journal of Industrial Organization 22, no.33 (Mar 2004): 389–411.https://doi.org/10.1016/j.ijindorg.2003.08.001Volker Nocke, Martin Peitz Monopoly Pricing Under Demand Uncertainty: Final Sales Versus Introductory Offers, Second Version, SSRN Electronic Journal (Jan 2004).https://doi.org/10.2139/ssrn.558663Ian King, Arthur Sweetman Procyclical Skill Retooling and Equilibrium Search, Review of Economic Dynamics 5, no.33 (Jul 2002): 704–717.https://doi.org/10.1006/redy.2002.0176James D. Dana, Nicholas C. Petruzzi Note: The Newsvendor Model with Endogenous Demand, Management Science 47, no.1111 (Nov 2001): 1488–1497.https://doi.org/10.1287/mnsc.47.11.1488.10252Benjamin Eden Inventories and the Business Cycle: Testing a Sequential Trading Model, Review of Economic Dynamics 4, no.33 (Jul 2001): 562–574.https://doi.org/10.1006/redy.2000.0125Benjamin Eden Inflation and Price Adjustment: An Analysis of Microdata, Review of Economic Dynamics 4, no.33 (Jul 2001): 607–636.https://doi.org/10.1006/redy.2000.0126John B. Taylor Chapter 15 Staggered price and wage setting in macroeconomics, (Jan 1999): 1009–1050.https://doi.org/10.1016/S1574-0048(99)10023-5 James D. Dana, Jr. Advance‐Purchase Discounts and Price Discrimination in Competitive Markets Dana, Journal of Political Economy 106, no.22 (Jul 2015): 395–422.https://doi.org/10.1086/250014Dennis W. Carlton A Critical Assessment of the Role of Imperfect Competition in Macroeconomics, (Jan 1998): 73–104.https://doi.org/10.1007/978-1-349-26732-3_3Alvaro Rodriguez The stock market and the vacancy rate, Journal of Economics Zeitschrift f�r National�konomie 63, no.33 (Oct 1996): 237–258.https://doi.org/10.1007/BF01227435Winand Emons Good times, bad times, and vertical upstream integration, International Journal of Industrial Organization 14, no.44 (Jun 1996): 465–484.https://doi.org/10.1016/0167-7187(95)00485-8Michael Woodford Loan commitments and optimal monetary policy, Journal of Monetary Economics 37, no.33 (Jun 1996): 573–605.https://doi.org/10.1016/0304-3932(96)01261-5Benjamin Bental, Bemjamin Eden Money and inventories in an economy with uncertain and sequential trade, Journal of Monetary Economics 37, no.33 (Jun 1996): 445–459.https://doi.org/10.1016/0304-3932(96)01263-9R. E. Lucas Understanding Business Cycles, (Jan 1995): 306–327.https://doi.org/10.1007/978-1-349-24002-9_17 Severin Borenstein , and Nancy L. Rose Competition and Price Dispersion in the U.S. Airline Industry, Journal of Political Economy 102, no.44 (Oct 2015): 653–683.https://doi.org/10.1086/261950Winand Emons Market power, uncertainty, and the level of trade, Open Economies Review 5, no.33 (Jul 1994): 261–274.https://doi.org/10.1007/BF01000912 Benjamin Eden The Adjustment of Prices to Monetary Shocks when Trade is Uncertain and Sequential, Journal of Political Economy 102, no.33 (Oct 2015): 493–509.https://doi.org/10.1086/261943Benjamin Eden Inflation and relative price variability, Economics Letters 44, no.1-21-2 (Jan 1994): 119–121.https://doi.org/10.1016/0165-1765(93)00294-X Benjamin Bental , and Benjamin Eden Inventories in a Competitive Environment, Journal of Political Economy 101, no.55 (Oct 2015): 863–886.https://doi.org/10.1086/261907Ian King SECTORAL SHIFT MODELS OF UNEMPLOYMENT MEASUREMENT AHEAD OF THEORY, Bulletin of Economic Research 45, no.33 (Jul 1993): 175–196.https://doi.org/10.1111/j.1467-8586.1993.tb00565.x Benjamin Eden Marginal Cost Pricing When Spot Markets Are Complete, Journal of Political Economy 98, no.66 (Oct 2015): 1293–1306.https://doi.org/10.1086/261735 Michael Sattinger Unemployment, the Market for Interviews, and Wage Determination, Journal of Political Economy 98, no.22 (Oct 2015): 356–371.https://doi.org/10.1086/261681Steven E Landsburg, Benjamin Eden On the competitive resolution of trading uncertainty, Journal of Economic Theory 47, no.11 (Feb 1989): 66–75.https://doi.org/10.1016/0022-0531(89)90103-8Benjamin Eden Trading uncertainty, markups, and productivity A comment on hall's paper, Carnegie-Rochester Conference Series on Public Policy 27 (Jan 1987): 445–452.https://doi.org/10.1016/0167-2231(87)90016-9 James Albrecht , and Boyan Jovanovic The Efficiency of Search under Competition and Monopsony, Journal of Political Economy 94, no.66 (Oct 2015): 1246–1257.https://doi.org/10.1086/261431Benjamin Eden Trading uncertainty and the cash-in-advance constraint, Journal of Monetary Economics 18, no.33 (Nov 1986): 285–293.https://doi.org/10.1016/0304-3932(86)90041-3Marvin Goodfriend Monetary mystique: Secrecy and central banking, Journal of Monetary Economics 17, no.11 (Jan 1986): 63–92.https://doi.org/10.1016/0304-3932(86)90006-1Dale T. Mortensen Chapter 15 Job search and labor market analysis, (Jan 1986): 849–919.https://doi.org/10.1016/S1573-4463(86)02005-9BENJAMIN EDEN TRADING UNCERTAINTY, ENFORCEMENT AND LABOR UNIONS, Economic Inquiry 23, no.44 (Oct 1985): 637–650.https://doi.org/10.1111/j.1465-7295.1985.tb01787.xP. K. TRIVEDI, G. M. BAKER Equilibrium Unemployment in Australia: Concepts and Measurement, Economic Record 61, no.33 (Sep 1985): 629–643.https://doi.org/10.1111/j.1475-4932.1985.tb02018.xMarvin Goodfriend Monetary Mystique: Secrecy and Central Banking, SSRN Electronic Journal (Jan 1985).https://doi.org/10.2139/ssrn.2123478Boyan Jovanovic A welfare analysis of unemployment insurance: Variations on second-best themes, Carnegie-Rochester Conference Series on Public Policy 19 (Jan 1983): 99–101.https://doi.org/10.1016/0167-2231(83)90007-6Jeff Frank A Keynesian model of search and labor market disequilibrium, Journal of Macroeconomics 4, no.33 (Jun 1982): 293–308.https://doi.org/10.1016/0164-0704(82)90091-XRobert E. Lucas Discussion of : Stanley Fischer, “towards an understanding of the costs of inflation: II”, Carnegie-Rochester Conference Series on Public Policy 15 (Jan 1981): 43–52.https://doi.org/10.1016/0167-2231(81)90017-8 Boyan Jovanovic Firm-specific Capital and Turnover, Journal of Political Economy 87, no.66 (Oct 2015): 1246–1260.https://doi.org/10.1086/260834 Stanley Fischer Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule, Journal of Political Economy 85, no.11 (Oct 2015): 191–205.https://doi.org/10.1086/260551Robert E Lucas Understanding business cycles, Carnegie-Rochester Conference Series on Public Policy 5 (Jan 1977): 7–29.https://doi.org/10.1016/0167-2231(77)90002-1Robert J. Barro, Stanley Fischer Recent developments in monetary theory, Journal of Monetary Economics 2, no.22 (Apr 1976): 133–167.https://doi.org/10.1016/0304-3932(76)90031-3Robert J. Barro Rational expectations and the role of monetary policy, Journal of Monetary Economics 2, no.11 (Jan 1976): 1–32.https://doi.org/10.1016/0304-3932(76)90002-7

Referência(s)
Altmetric
PlumX