Hintajäykkyyksiä

Hintajäykkyyksiä, known in English as price rigidity or sticky prices, refers to the phenomenon where prices in an economy do not adjust instantaneously to changes in supply and demand. Instead, prices tend to remain fixed for a period, only changing after a certain threshold of economic pressure is met. This stickiness can occur for various reasons, including menu costs, which are the physical costs associated with changing prices, such as printing new price tags or updating catalogs.

Another contributing factor is information asymmetry, where businesses may not have complete or timely information about market conditions to justify immediate price adjustments. Also, staggered price setting, where different firms adjust their prices at different times, can lead to an overall inertia in the price level. Psychological factors and customer relationships can also play a role, as businesses might be reluctant to change prices frequently to avoid alienating customers.

The concept of hintajäykkyyksiä is important in macroeconomics as it influences the effectiveness of monetary and fiscal policies. In models with sticky prices, changes in aggregate demand can lead to fluctuations in output and employment in the short run, as prices do not immediately clear the market. This contrasts with models assuming perfectly flexible prices, where such adjustments would be instantaneous and primarily affect the price level. Understanding the extent and causes of price rigidity is crucial for policymakers aiming to stabilize the economy.