State-dependent or time-dependent pricing
Peter J. Klenow
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The average reader, reading at a speed of 250 WPM, would take 40 minutes to read State-dependent or time-dependent pricing.
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State-dependent or time-dependent pricing
Published
2005
Publisher
National Bureau of Economic Research
Pages
40
Description
"Inflation equals the product of two terms: an extensive margin (the fraction of items with price changes) and an intensive margin (the average size of those price changes). The variance of inflation over time can be decomposed into contributions from each margin. The extensive margin figures importantly in many state-dependent pricing models, whereas the intensive margin is the sole source of inflation changes in staggered time-dependent pricing models. We use micro data collected by the U.S. Bureau of Labor Statistics to decompose the variance of consumer price inflation from 1988 through 2003. We find that around 95% of the variance of monthly inflation stems from fluctuations in the average size of price changes, i.e., the intensive margin. When we calibrate a prominent state-dependent pricing model to match this empirical variance decomposition, the model's shock responses are very close to those in time-dependent pricing models"--National Bureau of Economic Research web site.
Frequently Asked Questions
How many pages are in State-dependent or time-dependent pricing?
This edition of State-dependent or time-dependent pricing has approximately 40 pages. Please note, this is an estimate and the exact page count can vary between hardcover, paperback, and e-book versions.
How long does it take to read State-dependent or time-dependent pricing?
For most readers, State-dependent or time-dependent pricing typically takes between 50m and 33m to complete. This is based on the book's length of approximately 10,000 words and common reading speeds.
Here's a detailed breakdown: • Continuous reading at 250 WPM: approximately 40m of focused reading • Casual reading (30 minutes/day): you could finish in roughly 2 days • Estimated word count: 10,000 words
Your individual reading time will vary based on your personal reading pace, the amount of daily reading time, and your familiarity with the subject matter.
What is the word count of State-dependent or time-dependent pricing?
The estimated word count for State-dependent or time-dependent pricing is approximately 10,000 words. This figure is calculated using industry-standard methods that consider genre-specific word density patterns, typical formatting and layout characteristics, and standard words-per-page ratios for published books.
This is an approximation — actual word count may vary based on font size, formatting, edition, and the presence of illustrations or charts.
Who is the author of State-dependent or time-dependent pricing?
State-dependent or time-dependent pricing was written by Peter J. Klenow.
When was State-dependent or time-dependent pricing published?
The publication date for this specific edition is 2005. The original work may have been published on a different date.