2026-05-29T21:00:17Zhttps://riuma.uma.es/rest/oai/requestoai:riuma.uma.es:10630/286482026-02-03T10:53:02Zcom_10630_2254col_10630_37953
RIUMA. Repositorio Institucional de la Universidad de Málaga
author
Arespa-Castelló, Marta
author
Gruber, Diego
2024-01-11T11:07:26Z
2024-01-11T11:07:26Z
2021-06-16
Arespa, M. and Gruber, D. (2021), Product Quality and Price Dynamics over the Business Cycle. Economica, vol. 88 (352).
https://hdl.handle.net/10630/28648
10.1111/ecca.12380
Two puzzling facts of international real business cycles are (1) weak or negative correlations between the terms of trade and output, and (2) a rise in relative consumption for countries where national goods become relatively more expensive. We show that these puzzles either vanish or become much weaker in recent data. We propose a new mechanism that generates endogenous international price movements that are consistent with both the ‘old’ and the ‘new’ facts. In this mechanism, firms operating in a monopolistically competitive environment adjust price and quality of their products in response to technological shocks. This model is consistent with the old facts if price levels are not adjusted for quality. Instead, if quality adjustments to price level are introduced, then the model’s properties are in line with the new facts.
eng
Attribution-NonCommercial-NoDerivatives 4.0 Internacional
Precios
Calidad
Competencia económica internacional
Product Quality and Price Dynamics over the Business Cycle.
journal article
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Economica - 2021 - Arespa - Product Quality and International Price Dynamics over the Business Cycle.pdf
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Quality_Arespa-Gruber_Economica_online_appendix.pdf