삼각형 산업 연관 시스템과 가격 조정

This research incorporates the input-output relations into price-adjusting firms in order to show that staggered price adjustment is a stable equilibrium that contributes to gradual change of the general price level. The timing pattern of price adjustment is explained by two elements, heterogeneous inputs and information asymmetry. The result of the research suggests that staggered price adjustment arises if the input-output system has a hierarchical structure such as triangular system with three sectors. That is, sectoral price adjustment takes place according to the order in stages of processing. This may be called the "linkage effect on price adjustment timing". The staggered price adjustment by sector suggests that there are time lags in inflation transmission. On the other hand, according to the research result of price variability, the effect of a sector-specific shock on the sectoral prices decreases when the stage of processing becomes higher because of the linkage effect. Therefore, the variability of sectoral price decreases when the stage of processing becomes higher. This may be called the "linkage effect on price variability". This result explains why there is the difference in the variability of sectoral prices. The two hypotheses on price adjustment are supported by the empirical evidence using the price data by stages of processing.