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Price rigidity and flexibility: new empirical evidence Author info | Abstract | Publisher info | Download info | Related research | Statistics Daniel Levy (Bar-Ilan University, Ramat-Gan, Israel)
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The marketplace, along with its price system, is the single most important institution in a western-style free enterprise economy. The ability of prices to adjust to changes in supply and demand conditions enables the market to function efficiently, and that ability lies behind the magical invisible hand mechanism. The behaviour of prices and in particular the ability of prices to adjust to changes in market conditions, therefore, have fundamental implications for many key issues in many areas of both microeconomics as well as macroeconomics. It is, therefore, critical to study and understand whether there are barriers to price adjustments, what are the nature of these barriers, how the barriers lead to price rigidity, what are the possible implications of these rigidities, etc. This introductory essay briefly summarizes the 14 empirical studies of price rigidity that are included in this special issue. Copyright © 2007 John Wiley & Sons, Ltd.
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Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics .
Volume (Year): 28 (2007)
Issue (Month): 7 ()
Pages: 639-647
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Handle: RePEc:wly:mgtdec:v:28:y:2007:i:7:p:639-647Contact details of provider: Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Robert J. Kauffman & Charles A. Wood, 2007.
"Follow the leader: price change timing in Internet-based selling ,"
Managerial and Decision Economics ,
John Wiley & Sons, Ltd., vol. 28(7), pages 679-700.
[Downloadable!]
Sam Peltzman, 2000.
"Prices Rise Faster than They Fall ,"
Journal of Political Economy ,
University of Chicago Press, vol. 108(3), pages 466-502, June.
[Downloadable!] (restricted)
Other versions: Daniel Levy & Mark Bergen & Shantanu Dutta & Robert Venable, 2005.
"The Magnitude of Menu Costs: Direct Evidence from Large U.S. Supermarket Chains ,"
Macroeconomics
0505012, EconWPA.
[Downloadable!]
Other versions: Daniel Levy & Shantanu Dutta & Mark Bergen, 2004.
"Heterogeneity in Price Rigidity: Evidence from a Case Study Using Micro-Level Data ,"
Macroeconomics
0402021, EconWPA.
[Downloadable!]
Other versions:
Levy, Daniel & Dutta, Shantanu & Bergen, Mark, 2002.
"Heterogeneity in Price Rigidity: Evidence from a Case Study Using Microlevel Data ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 34(1), pages 197-220, February.
Sourav Ray & Haipeng (Allan) Chen & Mark Bergen & Daniel Levy, 2005.
"Asymmetric Wholesale Pricing: Theory and Evidence ,"
Emory Economics
0513, Department of Economics, Emory University (Atlanta).
[Downloadable!]
Other versions: Young, Andrew & Levy, Daniel, 2006.
"Explicit Evidence on an Implicit Contract ,"
MPRA Paper
926, University Library of Munich, Germany.
[Downloadable!]
Other versions: Daniel Levy & Georg Muller & Shantanu Dutta & Mark Bergen, 2004.
"Holiday Price Rigidity and Cost of Price Adjustment ,"
Macroeconomics
0402019, EconWPA, revised 10 Jun 2005.
[Downloadable!]
Other versions:
Daniel Levy & Georg Müller & Haipeng (Allan) Chen & Mark Bergen & Shantanu Dutta, 2008.
"Holiday Price Rigidity and Cost of Price Adjustment ,"
Emory Economics
0802, Department of Economics, Emory University (Atlanta).
[Downloadable!] Levy, Daniel & Müller, Georg & Chen, Allan (Haipeng) & Bergen, Mark & Dutta, Shantanu, 2008.
"Holiday Price Rigidity and Cost of Price Adjustment ,"
MPRA Paper
13095, University Library of Munich, Germany.
[Downloadable!] Robert Barsky & Mark Bergen & Shantanu Dutta & Daniel Levy, 2001.
"What Can the Price Gap between Branded and Private Label Products Tell Us about Markups? ,"
NBER Working Papers
8426, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Mark Zbaracki & Mark Ritson & Daniel Levy & Shantanu Dutta & Mark Bergen, 2004.
"Managerial and Customer Costs of Price Adjustment: Direct Evidence from Industrial Markets ,"
Macroeconomics
0402020, EconWPA.
[Downloadable!]
Other versions: Robert C. Feenstra & Matthew D. Shapiro, 2003.
"Scanner Data and Price Indexes ,"
NBER Books ,
National Bureau of Economic Research, Inc, number feen03-1, September.
Michael C. Davis, 2007.
"The dynamics of daily retail gasoline prices ,"
Managerial and Decision Economics ,
John Wiley & Sons, Ltd., vol. 28(7), pages 713-722.
[Downloadable!]
Lach, Saul & Tsiddon, Daniel, 1992.
"The Behavior of Prices and Inflation: An Empirical Analysis of Disaggregated Price Data ,"
Journal of Political Economy ,
University of Chicago Press, vol. 100(2), pages 349-89, April.
[Downloadable!] (restricted)
Dennis W. Carlton, 1983.
"Equilibrium Fluctuations When Price and Delivery Lag Clear the Market ,"
Bell Journal of Economics ,
The RAND Corporation, vol. 14(2), pages 562-572, Autumn.
[Downloadable!] (restricted)
Daniel Levy, 2007.
"Price rigidity and flexibility: recent theoretical developments ,"
Managerial and Decision Economics ,
John Wiley & Sons, Ltd., vol. 28(6), pages 523-530.
[Downloadable!]
Other versions: Levy, Daniel & Chen, Haipeng (Allan) & Ray, Sourav & Bergen, Mark, 2006.
"Asymmetric Price Adjustment in the Small ,"
MPRA Paper
1097, University Library of Munich, Germany.
[Downloadable!]
Other versions:
Daniel Levy & Haipeng (Allan) Chen & Sourav Ray & Mark Bergen, 2007.
"Asymmetric Price Adjustment in the Small ,"
Kiel Working Papers
1356, Kiel Institute for the World Economy.
[Downloadable!] Daniel Levy & Sourav Ray & Haipeng (Allan) Chen & Mark Bergen, 2007.
"Asymmetric Price Adjustment in the Small ,"
Emory Economics
0703, Department of Economics, Emory University (Atlanta).
[Downloadable!] Chen, Haipeng (Allan) & Levy, Daniel & Ray, Sourav & Bergen, Mark, 2008.
"Asymmetric price adjustment in the small ,"
Journal of Monetary Economics ,
Elsevier, vol. 55(4), pages 728-737, May.
[Downloadable!] (restricted) Georg Müller & Sourav Ray, 2007.
"Asymmetric price adjustment: evidence from weekly product-level scanner price data ,"
Managerial and Decision Economics ,
John Wiley & Sons, Ltd., vol. 28(7), pages 723-736.
[Downloadable!]
Michael J. Hicks, 2007.
"Hierarchical delays as a source of nominal price rigidities: evidence from the microcomputer industry ,"
Managerial and Decision Economics ,
John Wiley & Sons, Ltd., vol. 28(7), pages 803-815.
[Downloadable!]
Varian, Hal R, 1980.
"A Model of Sales ,"
American Economic Review ,
American Economic Association, vol. 70(4), pages 651-59, September.
[Downloadable!] (restricted)
Sascha A. Weber & Sven M. Anders, 2007.
"Price rigidity and market power in German retailing ,"
Managerial and Decision Economics ,
John Wiley & Sons, Ltd., vol. 28(7), pages 737-749.
[Downloadable!]
Other versions: Linda A. Toolsema & Jan P. A. M. Jacobs, 2007.
"Why do prices rise faster than they fall? With an application to mortgage rates ,"
Managerial and Decision Economics ,
John Wiley & Sons, Ltd., vol. 28(7), pages 701-712.
[Downloadable!]
Other versions: Georg Müller & Mark Bergen & Shantanu Dutta & Daniel Levy, 2007.
"Non-price rigidity and cost of adjustment ,"
Managerial and Decision Economics ,
John Wiley & Sons, Ltd., vol. 28(7), pages 817-832.
[Downloadable!]
Georg Müller & Mark Bergen & Shantanu Dutta & Daniel Levy, 2006.
"Private label price rigidity during holiday periods ,"
Applied Economics Letters ,
Taylor and Francis Journals, vol. 13(1), pages 57-62, January.
[Downloadable!] (restricted)
Other versions: Lach, Saul & Tsiddon, Daniel, 1996.
"Staggering and Synchronization in Price-Setting: Evidence from Multiproduct Firms ,"
American Economic Review ,
American Economic Association, vol. 86(5), pages 1175-96, December.
[Downloadable!] (restricted)
Other versions: Saul Lach & Daniel Tsiddon, 2007.
"Small price changes and menu costs ,"
Managerial and Decision Economics ,
John Wiley & Sons, Ltd., vol. 28(7), pages 649-656.
[Downloadable!]
Attila Rátfai, 2007.
"The frequency and size of price adjustment: microeconomic evidence ,"
Managerial and Decision Economics ,
John Wiley & Sons, Ltd., vol. 28(7), pages 751-762.
[Downloadable!]
Mark J. Zbaracki & Mark Bergen & Daniel Levy, 2006.
"The Anatomy of a Price Cut: Discovering Organizational Sources of the Costs of Price Adjustment ,"
Emory Economics
0610, Department of Economics, Emory University (Atlanta).
[Downloadable!]
Matthias R. Fengler & Joachim K. Winter, 2007.
"Price variability and price dispersion in a stable monetary environment: evidence from German retail markets ,"
Managerial and Decision Economics ,
John Wiley & Sons, Ltd., vol. 28(7), pages 789-801.
[Downloadable!]
Other versions: Carlton, Dennis W, 1986.
"The Rigidity of Prices ,"
American Economic Review ,
American Economic Association, vol. 76(4), pages 637-58, September.
[Downloadable!] (restricted)
Other versions: Dutta, Shantanu, et al, 1999.
"Menu Costs, Posted Prices, and Multiproduct Retailers ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 31(4), pages 683-703, November.
Other versions: Daniel Levy & Shantanu Dutta & Mark Bergen & Robert Venable, 1998.
"Price adjustment at multiproduct retailers ,"
Managerial and Decision Economics ,
John Wiley & Sons, Ltd., vol. 19(2), pages 81-120.
Other versions:
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Daniel Levy, 2007.
"Price rigidity and flexibility: recent theoretical developments ,"
Managerial and Decision Economics ,
John Wiley & Sons, Ltd., vol. 28(6), pages 523-530.
[Downloadable!]
Other versions:
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