The consequences of price inestability on search markets: a quantitative assessment

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Author/s:
Campos Lopes, Caetano de
Gómez Vidal, Analía
López, Fernando
Spector, Mariano
Advisor/s:
Neumeyer, Pablo A.
Universidad Torcuato Di Tella
Thesis degree name:
Licenciatura en Economía
Date:
2011
Abstract
This paper calibrates the model of a real economy in which inflation is introduced as an idiosyncratic shock to firms’ costs. Inflation induces relative price variability, eroding long-term relationships between customers and firms. We calibrate the model using a data set of individual prices of Argentina due to Álvarez, Beraja, Gonzalez-Rozada and Neumeyer. We find that there is not a good match between the model and the data. The model finds it particularly difficult to account for price dispersion in a context of price stability.
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URI:
http://repositorio.utdt.edu/handle/utdt/1450
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