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Price setting in Hungary-a store-level analysis

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  • Péter Gábriel

    (Department of Economics, Magyar Nemzeti Bank, Budapest, Hungary)

  • �dám Reiff

    (Department of Economics, Magyar Nemzeti Bank, Budapest, Hungary)

Abstract

This paper uses Hungarian micro-CPI data between December 2001 and June 2007 to provide descriptive statistics of store-level pricing practices in Hungary. First we present simple descriptive statistics about the frequency and average size of price changes, and compare it with similar statistics from other countries. Then we decompose the observed variations in the inflation rate to variations in frequencies and sizes. Finally, we estimate the inflation effects of three general VAT-rate changes during our sample period. Copyright © 2009 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/mde.1479
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Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

Volume (Year): 31 (2010)
Issue (Month): 2-3 ()
Pages: 161-176

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Handle: RePEc:wly:mgtdec:v:31:y:2010:i:2-3:p:161-176

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Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976

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  1. Etienne Gagnon, 2007. "Price setting during low and high inflation: evidence from Mexico," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 896, Board of Governors of the Federal Reserve System (U.S.).
  2. Emi Nakamura & Jón Steinsson, 2008. "Five Facts about Prices: A Reevaluation of Menu Cost Models," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 123(4), pages 1415-1464, November.
  3. Robert Lucas & Mike Golosov, 2004. "Menu Costs and Phillips Curves," 2004 Meeting Papers, Society for Economic Dynamics 144, Society for Economic Dynamics.
  4. Peter J. Klenow & Oleksiy Kryvtsov, 2007. "State-Dependent or Time-Dependent Pricing: Does It Matter for Recent U.S. Inflation?," Discussion Papers, Stanford Institute for Economic Policy Research 07-007, Stanford Institute for Economic Policy Research.
  5. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, Elsevier, vol. 12(3), pages 383-398, September.
  6. Baudry, L. & Le Bihan, H. & Sevestre, P. & Tarrieu, S., 2004. "Price Rigidity. Evidence from the French CPI Macro-Data," Working papers, Banque de France 113, Banque de France.
  7. Emmanuel Dhyne & Luis J. Alvarez & Herve Le Bihan & Giovanni Veronese & Daniel Dias & Johannes Hoffmann & Nicole Jonker & Patrick Lunnemann & Fabio Rumler & Jouko Vilmunen, 2006. "Price Changes in the Euro Area and the United States: Some Facts from Individual Consumer Price Data," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 20(2), pages 171-192, Spring.
  8. Hoffmann, Johannes & Kurz-Kim, Jeong-Ryeol, 2006. "Consumer price adjustment under the microscope: Germany in a period of low inflation," Working Paper Series, European Central Bank 0652, European Central Bank.
  9. Mark Bils & Peter J. Klenow, 2002. "Some Evidence on the Importance of Sticky Prices," NBER Working Papers 9069, National Bureau of Economic Research, Inc.
  10. Michael Dotsey & Robert G. King & Alexander L. Wolman, 1999. "State-Dependent Pricing And The General Equilibrium Dynamics Of Money And Output," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 114(2), pages 655-690, May.
  11. Sheshinski, Eytan & Weiss, Yoram, 1977. "Inflation and Costs of Price Adjustment," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 44(2), pages 287-303, June.
  12. Attila Rátfai, 2007. "The frequency and size of price adjustment: microeconomic evidence," Managerial and Decision Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 28(7), pages 751-762.
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Cited by:
  1. Adam Reiff & Attila Ratfai, 2009. "The Geography of Consumer Prices," 2009 Meeting Papers, Society for Economic Dynamics 607, Society for Economic Dynamics.
  2. Shruti Tripathi & Ashima Goyal, 2011. "Relative prices, the price level and inflation: Effects of asymmetric and sticky adjustment," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2011-026, Indira Gandhi Institute of Development Research, Mumbai, India.
  3. Alvarez González, Luis Julián, 2008. "What Do Micro Price Data Tell Us on the Validity of the New Keynesian Phillips Curve?," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 2(19), pages 1-36.
  4. Konstantins Benkovskis & Ludmila Fadejeva, 2013. "VAT Rate Effect on Price Setting Behaviour in Latvia: Evidence from CPI Micro Data," Working Papers, Latvijas Banka 2013/01, Latvijas Banka.
  5. Dixon, Huw & Franklin, Jeremy & Millard, Stephen, 2014. "Sectoral shocks and monetary policy in the United Kingdom," Bank of England working papers, Bank of England 499, Bank of England.
  6. Peter J. Klenow & Benjamin A. Malin, 2010. "Microeconomic Evidence on Price-Setting," NBER Working Papers 15826, National Bureau of Economic Research, Inc.

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