Journal ArticleDOI
Obligational Markets and the Mechanics of Inflation
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The authors argue that parties to nonstandardized (idiosyncratic) exchange have incentives to regularize trading relations, that this involves devising a governance structure to harmonize the exchange relation, that quantity rather than price bears the brunt of interim adjustments in these circumstances, and that long and variable price lags arise in this way.Abstract:
The issues that concern us are how wage and price-setting procedures vary with the nature of the good or service being exchanged and what the implications of different procedures for understanding the mechanics of inflation are. We argue that parties to nonstandardized (idiosyncratic) exchange have incentives to regularize trading relations, that this involves devising a governance structure to harmonize the exchange relation, that quantity rather than price bears the brunt of interim adjustments in these circumstances, and that long and variable price lags arise in this way. But while the effects of an inflationary disturbance are more spread out on this account -- which is to say that obligational market exchange relations does, however, complicate the problem of bringing an exogenous inflationary stimulus under control. Macroeconomics is thus linked with microeconomic contracting practices.read more
Citations
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Interorganizational Governance in Marketing Channels
TL;DR: A growing body of conceptual and empirical literature addresses different aspects of in-channel relationship management in marketing channels literature as mentioned in this paper, which is becoming a central research paradigm in the marketing channel literature.
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Asymmetric Information, Bank Lending, and Implicit Contracts: A Stylized Model of Customer Relationships
TL;DR: In this article, a dynamic theory of "customer relationships" in bank loan markets is presented, based on a traditional view of bank lending behavior, first spelled out by Hodgman and Kane and Malkiel (1965) and later elaborated upon by Wood (1975).
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Economies of scope and the scope of the enterprise
TL;DR: In this paper, the authors examined elements of an efficiency-based theory of the multiproduct firm and extended the theoretical framework developed by Williamson to explain vertical integration to explain diversification.
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Towards an economic theory of the multiproduct firm
TL;DR: In this paper, a theory of the multiproduct firm is presented, in which profit seeking firms are seen to diversify in order to avoid the high transactions costs associated with using various markets to trade the services of various specialized assets.
References
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Journal ArticleDOI
Markets and Hierarchies: Analysis and Antitrust Implications.
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Industrial market structure and economic performance
TL;DR: In this article, the authors have reviewed theoretical, empirical, and policy developments of the past decade and provided new insights into strategic behaviour from game theory, and integrated them with the related theoretical materials.
Book
The Visible Hand: The Managerial Revolution in American Business
TL;DR: In this article, the authors defined the visible hand of the modern business enterprise and defined the traditional processes of production and distribution in the United States. But they did not define the management and growth of modern industrial enterprises.