Prissättningsfriktion

Prissättningsfriktion, often translated as price stickiness or price rigidity, refers to the phenomenon where prices in an economy do not adjust instantaneously to changes in underlying supply or demand conditions. Instead, prices tend to change infrequently or slowly. This contrasts with a perfectly competitive market model where prices would theoretically adjust immediately to clear the market.

Several factors contribute to prissättningsfriktion. Menu costs, which are the actual costs associated with changing prices, play a role. These can include the expense of printing new price lists, updating computer systems, or informing customers. Another significant factor is the desire of firms to maintain stable customer relationships. Frequent price changes can annoy customers and lead to a loss of goodwill. Imperfect information also contributes; businesses may not be aware of all market shifts immediately, or they may be uncertain about the permanence of a change. Additionally, implicit contracts between buyers and sellers can create expectations of price stability.

The presence of prissättningsfriktion has important implications for macroeconomic analysis. It helps explain why monetary policy can have real effects on output and employment, at least in the short run. If prices were perfectly flexible, changes in the money supply would only lead to immediate price level adjustments, without affecting real economic activity. However, due to prissättningsfriktion, changes in demand can initially lead to changes in quantities produced rather than just prices. This concept is a cornerstone of many modern macroeconomic models, particularly those used to understand business cycles and the effectiveness of stabilization policies.