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nominal rigidity

inertia of prices in economics

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About nominal rigidity

In economics, nominal rigidity, also referred to as price stickiness or wage stickiness, describes a situation in which a nominal price is slow to adjust or resistant to change. Complete nominal rigidity occurs when a price remains fixed in nominal terms for a relevant period of time. For example, the price of a good may be contractually set at $10 per unit for an entire year, regardless of changes in supply and demand conditions. Partial nominal rigidity occurs when prices can adjust, but less than they would under conditions of perfect flexibility. For instance, in a regulated market, there may be legal or institutional limits on how much a price can change within a given year.

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