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PRICE FLEXIBILITY AND OUTPUT VOLATILITY UNDER MENU COSTS
Nam T. Vu
Journal:

Macroeconomic Dynamics / Volume 25 / Issue 8 / December 2021

Published online by Cambridge University Press:

23 January 2020, pp. 2180-2203
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This paper studies the implications of price flexibility on output volatility under menu costs and finds price flexibility to be output-destabilizing under supply shocks, but not necessarily so under demand shocks. We illustrate that such a result hinges on the extent to which firms can adjust along both the intensive and the extensive margins, the latter of which is often absent in the literature.

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PRICE FLEXIBILITY AND OUTPUT VOLATILITY UNDER MENU COSTS