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Inertia of prices in economics
In economics, nominal rigidity, also referred to as price stickiness or wage stickiness, describes a situation in which a nominal price is slow to adjust
Nominal_rigidity
discrete time version. The Calvo model is the most common way to model nominal rigidity in new Keynesian DSGE macroeconomic models. We can define the probability
Calvo_(staggered)_contracts
Cost of changing prices
original price level. When the nominal price level remains constant despite market change is said that there is nominal rigidity or price stickiness in the
Menu_cost
Total market value of goods and services produced within a country
down into the contribution of each industry or sector of the economy. Nominal GDP is useful when comparing national economies on the international market
Gross_domestic_product
School of macroeconomics
models typically incorporate elements of imperfect competition and nominal rigidities—such as sticky prices and sticky wages—to explain why markets may
New_Keynesian_economics
Topics referred to by the same term
which arises from over-dependence on prior experiences Real rigidity, and nominal rigidity, the resistance of prices and wages to market changes in macroeconomics
Rigidity
Economic concept, a fixed price or wage
fixed to a relative value of another. Real rigidities can be distinguished from nominal rigidities, rigidities that do not adjust because prices can be
Real_rigidity
Study of an economy as a whole
economists had reached a rough consensus. The market imperfections and nominal rigidities of new Keynesian theory were combined with rational expectations and
Macroeconomics
(1990) showed that real rigidities could interact with nominal rigidities to create significant disequilibrium. Real rigidities occur whenever a firm is
History of macroeconomic thought
History_of_macroeconomic_thought
School of thought in monetary economics
is useful as a policy target only if the relationship between money and nominal GDP, and therefore inflation, is stable and predictable. This implies that
Monetarism
School of thought in macroeconomics
real business cycle theory and new Keynesian economics contributed nominal rigidities (slow moving and periodic, rather than continuous, price changes also
New_classical_macroeconomics
Postwar academic movement in economics
(1937) and A. Hansen (1949), the clarification of the role of the rigidity of nominal wages in the Keynesian model in the work of F. Modigliani (1944)
Neoclassical_synthesis
Geometric progression ratio that provides a constant rate of return over the time period
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Compound_annual_growth_rate
Heterodox theory of money
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Chartalism
Rare schools of economic thought
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Heterodox_economics
Macroeconomic theory
spend-side automatic fiscal stabilisation mechanism and establishes a nominal price anchor, utilising a buffer stock of employed labour. This is in contrast
Modern_Monetary_Theory
Economic concept
upward sloping: The short-run AS curve is drawn given some nominal variables such as the nominal wage rate, which is assumed fixed in the short run. Thus
Aggregate_supply
Macroeconomic model
business-cycle fluctuations are accounted for by real, in contrast to nominal, shocks. RBC theory sees business cycle fluctuations as the efficient response
Real_business-cycle_theory
School of economic thought
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Post-Keynesian_economics
Economics of regulation
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Regulatory_economics
High inflation, low economic growth, and high unemployment
factors only. Nominal factors like changes in the money supply only affect nominal variables like inflation. The neoclassical idea that nominal factors cannot
Stagflation
Total demand for final goods and services in an economy at a given time
Mundell–Fleming model portrays the short-run relationship between an economy's nominal exchange rate, interest rate, and output (in contrast to the closed-economy
Aggregate_demand
Object or record accepted as payment
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Money
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Measures of national income and output
Measures_of_national_income_and_output
Generally accepted economic schools of thought
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Mainstream_economics
Fusion of macroeconomic schools of thought
uses rational expectations. However, based on sticky prices and other rigidities, the synthesis does not embrace the complete neutrality of money proposed
New_neoclassical_synthesis
Theory of equilibrium between supply and demand
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
General_equilibrium_theory
Macroeconomic theory
5 trillion tax cut is virtually paid for by higher revenues and better nominal GDP". Critics of supply-side policies emphasize the growing federal deficits
Supply-side_economics
Macro model in economics
firms. The importance of the Taylor contract is that it introduces nominal rigidity into the economy. In macroeconomics if all wages and prices are perfectly
Taylor_contract_(economics)
Economic theory
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Endogenous_growth_theory
Macroeconomic method
consumption and output across countries; the extremely high correlation between nominal and real exchange rates; etc. They are mute on many policy related issues
Dynamic stochastic general equilibrium
Dynamic_stochastic_general_equilibrium
Decrease in the general price level
must be sold for money in order to finance payments that remain fixed in nominal terms, as many debt obligations may. Deflation is distinct from disinflation
Deflation
Group of macroeconomic theories
authorities to defend the gold parity of the pound sterling and the rigidity of nominal wages, he gradually adhered to protectionist measures. On 5 November
Keynesian_economics
Economic theory
pushes up average wages and decreases employment. Hence nominal wages tend to display downward rigidity. In equilibrium, all firms pay the same wage above
Shapiro–Stiglitz_theory
Intervals of expansion and recession in economic activity
inflation during an economic cycle. At the same time, the presence of nominal restrictions in price setting behavior might impact the short-term course
Business_cycle
British economist (1883–1946)
authorities to defend the gold parity of the pound sterling and the rigidity of nominal wages, he gradually adhered to protectionist measures. On 5 November
John_Maynard_Keynes
Part of the national accounts of the United States
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
National Income and Product Accounts
National_Income_and_Product_Accounts
International spending of petroleum export revenues
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Petrodollar_recycling
Holds that money is created endogenously by the banking sector
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Monetary_circuit_theory
Macroeconomic model relating interest rates and output
loan money. Money supply in effect is perfectly inelastic with respect to nominal interest rates. Thus the money supply function is represented as a vertical
IS–LM_model
School of economic thought
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Austrian_school_of_economics
Model used in Macroeconomics
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Macroeconomic_model
Framework in macroeconomics
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Overlapping_generations_model
Schools of economic thought developed at elite colleges in the 1970s United States
discretionary changes in aggregate public spending and the short-term nominal interest rate. "Freshwater economists" often reject the effectiveness of
Saltwater and freshwater economics
Saltwater_and_freshwater_economics
Study of the development of social production
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Political_economy
Situation described in Keynesian economics
in which conventional monetary policies have become impotent, because nominal interest rates are at or near zero: injecting monetary base into the economy
Liquidity_trap
Macroeconomic model relating aggregate demand and supply
the nominal variable is the rate of inflation rather than the price level, and where monetary policy is specified as a Taylor rule for the nominal interest
AD–AS_model
Growth model in economics
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
AK_model
Government body that manages currency and monetary policy
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Central_bank
Percentage of a sum of money charged for its use
rate, prime rate, yield to maturity, and internal rate of return. The nominal interest rate is the interest rate without adjusting for inflation, whereas
Interest_rate
Inflation driven by a rise in the cost of goods and services
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Cost-push_inflation
Type of inflation where aggregate demand increases faster than aggregate supply
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Demand-pull_inflation
American economist and Nobel Laureate (born 1943)
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Thomas_J._Sargent
Economic concept
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Investment_(macroeconomics)
Measure of increase in market value of goods
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Economic_growth
American economist (born 1958)
Laurence M. Ball and David Romer on the interaction between real and nominal rigidities. In 2002, Mankiw and Ricardo Reis proposed an alternative to the widely
Greg_Mankiw
Policy of interest rates or money supply
bound. Central banks typically use a nominal anchor to pin down expectations of private agents about the nominal price level or its path or about what
Monetary_policy
British economist
market. Other topics include imperfect competition in macroeconomics, nominal rigidity. Most of his work is New Keynesian. Dixon supports the High Speed 2
Huw_Dixon
Sum of a country's private and public saving
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
National_saving
Interest seen as a reward for parting with liquidity
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Liquidity_preference
American economist
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Perry_Mehrling
School of macroeconomic thought
is a school of macroeconomics that advocates that central banks use a nominal GDP level target instead of inflation, unemployment, or other measures
Market_monetarism
School of economic thought (1930s)
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Stockholm_School_(economics)
Sudden event that temporarily changes the supply of goods or services
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Supply_shock
Subject inspired by evolutionary biology
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Evolutionary_economics
the challenge becomes finding what source, if one even exists, of nominal rigidity that could be so persistent to explain the long-term prolonged nature
List of unsolved problems in economics
List_of_unsolved_problems_in_economics
Economic Model
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Arrow–Debreu_model
American economist (1933–2026)
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Edmund_Phelps
Branch of economics covering theories of money
Archived 2023-01-16 at the Wayback Machine • Tack Yun, 1996. "Nominal Price Rigidity, Money Supply Endogeneity, and Business Cycles," Journal of Monetary
Monetary_economics
British economist (1904–1989)
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
John_Hicks
School of economic thought
claims relating to inconsistency, failed predictions, and scrutiny of nominally communist countries' economic planning in the 20th century. According
Marxian_economics
Value of banknotes and coins still issued
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Currency_in_circulation
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Visible_hand_(economics)
British macroeconomist (born 1943)
Minford, Vo Phuong Mai Le, David Meenagh, and Michael Wickens "How much nominal rigidity is there in the US economy? Testing a New Keynesian DSGE Model using
Patrick_Minford
rate in some financial models. It is used to measure the economy when nominal interest rates come close to the zero lower bound. It was created by Fischer
Shadow_rate
Approach to economics
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Neoclassical_economics
Amount owed by individual consumers
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Consumer_debt
American economist (1867–1947)
fall in nominal interest rates and a rise in deflation-adjusted interest rates. Crucially, as debtors try to liquidate or pay off their nominal debt, the
Irving_Fisher
Economics concept
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Rational_expectations
Rise of wage adjusted for inflation
Real wage growth is an increase in wages adjusted for inflation, while nominal wage growth is not adjusted. It is often expressed as an annual percentage
Wage_growth
Economy's supply of money that is determined endogenously
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Endogenous_money
Total value of money available in an economy at a specific point in time
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Money_supply
Concept in economics
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Keynesian_cross
Process by which the money supply of an economic region is increased
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Money_creation
American economist and Nobel Laureate (1937–2023)
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Robert_Lucas_Jr.
Concept in economics
Generally, the nominal demand for money increases with the level of nominal output (price level times real output) and decreases with the nominal interest rate
Demand_for_money
Devaluation of money's purchasing power
the future. Positive effects include reducing unemployment due to nominal wage rigidity,allowing the central bank greater freedom in carrying out monetary
Inflation
People without work and actively seeking work
productivity gains by allowing workers to maintain or to increase their nominal wages during the secular deflation that caused real wages to rise at various
Unemployment
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Comparison of Marxian and Keynesian economics
Comparison_of_Marxian_and_Keynesian_economics
British economist and Nobel Laureate (1913–1991)
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Richard_Stone
American economist and Nobel Laureate (1940–2022)
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Edward_C._Prescott
Use of government revenue collection and expenditure to influence a country's economy
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Fiscal_policy
Effect of Chinese exports on employment
Rodríguez-Clare, Andrés; Ulate, Mauricio; Vásquez, José P. (2025). "Trade with Nominal Rigidities: Understanding the Unemployment and Welfare Effects of the China Shock"
China_shock
Economic theory
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Overshooting_model
Economic model
Mundell–Fleming model portrays the short-run relationship between an economy's nominal exchange rate, interest rate, and output (in contrast to the closed-economy
Mundell–Fleming_model
Demand in a constrained marketplace
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Effective_demand
U.S. national technical standards for threads on pipes and pipe fittings
both tapered and straight thread series for various purposes, including rigidity, pressure-tight sealing, or both. The types are named with a full name
National_pipe_thread
American economist and Nobel Laureate (born 1943)
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Joseph_Stiglitz
School of economic thought
Drèze expanded on the disequilibrium tradition and worked to explain price rigidity instead of simply assuming it. Malinvaud used disequilibrium analysis to
Disequilibrium_macroeconomics
Understanding of macroeconomic phenomena based on economic agents' actions
Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government spending
Microfoundations
NOMINAL RIGIDITY
NOMINAL RIGIDITY
Female
Scottish
Scottish form of English Norma, NORMINA means "northman."
Girl/Female
Arabic, Muslim, Pashtun
Faithful; Truly Believing; Believer (in Islam); Female Version of Mumin
Boy/Male
Gujarati, Hindu, Indian, Kannada, Malayalam, Marathi, Punjabi, Sikh
A Precious Stone
Boy/Male
Hindu
Girl/Female
Hindu
Precious gem, Stone
Girl/Female
Muslim/Islamic
Gift achievement
Boy/Male
Tamil
Girl/Female
Muslim
Precious gem, Stone
Female
Arthurian
, lady, domina; or, heart's-sorrow.
Girl/Female
American, Arabic, Gujarati, Hindu, Indian, Kannada, Malayalam, Marathi, Muslim, Oriya, Sindhi, Tamil, Telugu
A Precious Stone; Like a Diamond; Truthful; Union; Fruit
Girl/Female
Hindu, Indian, Sanskrit
Always Smile
Girl/Female
Muslim
Faithful, Truly believing
Girl/Female
Latin
Honor.
Girl/Female
French, German, Greek, Irish, Latin
Light; Honor; Diminutive of Nora
Girl/Female
Australian, Chinese, Finnish, German, Italian, Latin, Swedish
Place Name; The Capital City; Rome; Woman Form Rome
Girl/Female
Tamil
Precious gem, Stone
Girl/Female
Native American
Fruit.
Boy/Male
Hindu, Indian
Nominate for Particular Work
Girl/Female
Muslim/Islamic
Faithful Truly Believing
Girl/Female
Indian
Faithful, Truly believing
NOMINAL RIGIDITY
NOMINAL RIGIDITY
Boy/Male
Teutonic Russian
noble.
Girl/Female
Australian, British, English, German, Hebrew, Jamaican, Scottish, Spanish
Scottish Form of Isabel Consecrated to God; Pledged to God; God's Promise; God is My Oath; Variant of Elizabeth
Boy/Male
Tamil
Kind
Boy/Male
Hindu
Stable
Girl/Female
Indian
Boy/Male
British, English
Blend of Mary and Lyn
Girl/Female
Arabic, Muslim
Good; Caring
Girl/Female
Hindu, Indian
Big Sky
Boy/Male
Gujarati, Hindu, Indian, Kannada, Malayalam, Marathi, Sikh, Telugu
King; Lord Vishnu; Lord Bramha
Girl/Female
Muslim
Noble, Wise
NOMINAL RIGIDITY
NOMINAL RIGIDITY
NOMINAL RIGIDITY
NOMINAL RIGIDITY
NOMINAL RIGIDITY
n.
The quality of being comical; something comical.
a.
Contained in seed; holding the relation of seed, source, or first principle; holding the first place in a series of developed results or consequents; germinal; radical; primary; original; as, seminal principles of generation; seminal virtue.
imp. & p. p.
of Nominate
adv.
In a nominal manner; by name; in name only; not in reality.
a.
Given to foolish or visionary expectations; whimsical; fanciful; as, a notional man.
n.
A verb formed from a noun.
a.
Binominal.
a.
Somnial; somniatory.
a.
Of or pertaining to a name or names; having to do with the literal meaning of a word; verbal; as, a nominal definition.
a.
Existing in name only; not real; as, a nominal difference.
a.
Of or pertaining to the nodes; from a node to the same node again; as, the nodical revolutions of the moon.
n.
A nominalist.
a.
Notional.
n.
Seminal state.
a.
Pertaining to, containing, or consisting of, seed or semen; as, the seminal fluid.
p. pr. & vb. n.
of Nominate
a.
Nominal; existing only in name.
n.
A name; an appellation.
a.
Exciting mirth; droll; laughable; as, a comical story.
a.
Having a mixture of seriousness and sport; serious and comical.