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008			240510b |||||||| |||| 00| 0 eng d
022			_a10168737
040			_aMSU _bEnglish _cMSU _erda
050	0	0	_aHB1A1 INT
100	1		_aKimura, Takeshi _eauthor
245	1	4	_aWhy do prices remain stable in the bubble and bust period? _ccreated Takeshi Kimura
264	1		_aAbingdon: _bTaylor and Francis, _c2013
336			_2rdacontent _atext _btxt
337			_2rdamedia _aunmediated _bn
338			_2rdacarrier _avolume _bnc
440			_aInternational economic journal. _vVolume 27, number 2
520	3		_aIn spite of a large swing in real output growth in the bubble and bust period, aggregate prices remained relatively stable in Japan. Empirical results show that such price rigidity can be explained by the customer market model combined with financial constraints. The degree of financial constraints that firms face in the bubble and bust period fluctuates significantly, and the impact of financial positions on firms’ prices is counter-cyclical. In booms, liquidity-abundant firms invest in market share by keeping prices down, while in a recession financially constrained firms charge a high price to locked-in customers who remain loyal. Such counter-cyclicality is clearly observed in the pricing behavior of large firms that produce differentiated goods. In contrast, small firms whose product brand is not well established in the market cannot lock in customers, and hence financial constraints do not affect their pricing decisions.
650			_aCustomer market theory _vPrice rigidity, Financial constraints _xPrice stickiness
856			_uhttps://doi.org/10.1080/10168737.2012.719918
942			_2lcc _cJA
999			_c165412 _d165412