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Turner College Grad Publishes Academic Study on the Average Price Level

Turner College alum Tamara Todorova continues to have a productive academic career with her recent study of the determinants of the average price level. Now a member of the economics at American University in Bulgaria, Todorova's recent publication in Economies provides a mathematical approach to understand the effect of demand shifters such as consumer income and the level of advertising on the average price level in a simple partial market equilibrium model. The study then discusses the effect of supply shifters such as the exogenous tax level, worker wage, rental rate, and technology. While government spending triggers inflation, taxes have the opposite effect. Money supply increases national income and prices while reducing the equilibrium interest rate. Therefore, money supply has pro-inflationary effects. The effect of money demand is the opposite—it increases the equilibrium interest rate, thereby lowering national income and prices. Augmenting the model to the level of international trade, we find that exports raise national income, the interest rate, and the average price level, while the effect of imports is just the opposite. Government spending raises the exchange rate while continuous inflation lowers it. Todorova earned an MBA from the Turner College in 1996 and then went on to earn a doctorate in international economics from the University of Economics - Varna in 2001. She has been on the faculty at American University in Bulgaria since August of 2000. Todorova's study, which appears in the current issue of the , investigates how corporate culture helps to economize on the transaction costs of internal organization. As she explains, the dimensions of corporate culture that assist in this task include increasing trust and reducing intrafirm opportunism. Todorova's study demonstrates that setting common goals and a common direction reduces the sizeable costs of internal organization. Tamara's prior research appears in Economics of Transition, International Journal of the Economics of Business, Atlantic Economic Journal, International Journal of Social Economics, Modern Economy, Problems of Economic Transition and International Journal of Business Performance Management, among many others.
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