The Resource Macroeconomics of bargain hunting, Krzysztof Pytka

Macroeconomics of bargain hunting, Krzysztof Pytka

Label
Macroeconomics of bargain hunting
Title
Macroeconomics of bargain hunting
Statement of responsibility
Krzysztof Pytka
Creator
Contributor
Subject
Language
eng
Summary
In most macroeconomic models prices for consumption goods are competitive and consumers are treated as price-takers, which gives rise to the law of one price. However, as the empirical literature documents, prices for the same products are substantially dispersed. The consumers facing the price heterogeneity can affect the effective prices they pay by employing different shopping strategies. In this thesis, I investigate whether price dispersion matters for shaping macroeconomic aggregates. In chapter 1, I study how income fluctuations are transmitted to consumption decisions in the presence of price dispersion. To this end, I propose a novel and tractable framework to study search for consumption as part of the optimal savings problem. The search protocol can be easily embedded into a standard incomplete-market model. As I show, frictions in the purchasing technology generate important macroeconomic implications for modeling inequality and, in general, household consumption. In economies with those frictions, consumers feature smoother consumption responses to income shocks and the level of wealth inequality is amplified. In chapter 2, I study equilibrium properties of a standard model of endogenous price distribution by Burdett and Judd (1983). In search economies of this type in most cases there are multiple equilibria. I show that only some allocations can be characterized as stable equilibria. Next, I propose a modification of the original model, which gives rise to one unique symmetric dispersed equilibrium, that can be used for characterizing every feasible allocation. Finally, in chapter 3, I use the framework from chapter 1 to study the redistributive function of monetary policy. I show that money injection to households might reduce the inefficiency generated by non-competitive behavior of firms thanks to an increase in consumption purchased by bargain hunters. This results in the reduction of the monopolistic power of firms and lower consumption real prices
Cataloging source
FIE
http://library.link/vocab/creatorName
Pytka, Krzysztof
Date time place
Defence date: 21 December 2017
Dissertation note
Thesis (Ph. D.)--European University Institute (ECO), 2017.
Illustrations
illustrations
Index
no index present
Literary form
non fiction
Nature of contents
theses
http://library.link/vocab/relatedWorkOrContributorName
European University Institute
Series statement
  • EUI PhD theses.
  • EUI theses
http://library.link/vocab/subjectName
  • Consumption (Economics)
  • Consumer behavior
Label
Macroeconomics of bargain hunting, Krzysztof Pytka
Link
http://hdl.handle.net/1814/49684
Instantiates
Publication
Note
Examining board: Professor Árpád Ábrahám, EUI, Supervisor; Professor Piero Gottardi, EUI; Professor Christian Bayer, University of Bonn; Professor Guido Menzio, University of Pennsylvania
Bibliography note
Includes bibliographical references (pages 106-115)
Carrier category
volume
Carrier category code
nc
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Dimensions
30 cm.
Extent
x, 121 pages
Media category
unmediated
Media MARC source
rdamedia
Media type code
n
Other physical details
illustrations
System control number
(OCoLC)1021874510
Label
Macroeconomics of bargain hunting, Krzysztof Pytka
Link
http://hdl.handle.net/1814/49684
Publication
Note
Examining board: Professor Árpád Ábrahám, EUI, Supervisor; Professor Piero Gottardi, EUI; Professor Christian Bayer, University of Bonn; Professor Guido Menzio, University of Pennsylvania
Bibliography note
Includes bibliographical references (pages 106-115)
Carrier category
volume
Carrier category code
nc
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Dimensions
30 cm.
Extent
x, 121 pages
Media category
unmediated
Media MARC source
rdamedia
Media type code
n
Other physical details
illustrations
System control number
(OCoLC)1021874510

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