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Measuring the importance of the uniform nonsynchronization hypothesis

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Author Info
Daniel A. Dias () (UCLA Anderson School of Management, Box 951481, Los Angeles, CA 90095-1481, USA.)
Carlos Robalo Marques () (Banco de Portugal, R. Francisco Ribeiro, 2, 1150-165 Lisboa, Portugal.)
João M. C. Santos Silva () (ISEG/Universidade Técnica de Lisboa, R. do Quelhas 6, 1200-781 Lisboa, Portugal.)

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Abstract

In this paper we critically reappraise some measures of the importance of time-dependent price setting rules and propose an alternative way to gauge the significance of this type of price setting behaviour. The merits of the proposed measure are highlighted in an application using micro-data. Our results suggest that a large proportion of price trajectories may be compatible with simple time-dependent price setting mechanisms but the strength of this evidence very much depends on the way that is used to evaluate the importance of this type of behaviour. JEL Classification: D40; E31; L11.

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Paper provided by European Central Bank in its series Working Paper Series with number 606.

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Length: 20 pages
Date of creation: Apr 2006
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Handle: RePEc:ecb:ecbwps:20060606

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Related research
Keywords: Time-dependent price setting models; uniform staggering; perfect synchronization.;

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  1. Philippe Michel & Leopold von Thadden & Jean-Pierre Vidal, 2006. "Debt stabilizing fiscal rules," Working Paper Series 576, European Central Bank. [Downloadable!]
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  2. Fisher, Timothy C. G. & Konieczny, Jerzy D., 2000. "Synchronization of price changes by multiproduct firms: evidence from Canadian newspaper prices," Economics Letters, Elsevier, vol. 68(3), pages 271-277, September. [Downloadable!] (restricted)
  3. Ana Lamo & Julián Messina & Etienne Wasmer, 2006. "Are specific skills an obstacle to labor market adjustment? Theory and an application to the EU enlargement," Working Paper Series 585, European Central Bank. [Downloadable!]
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  4. Fabio Canova & Luca Sala, 2006. "Back to Square One: Identification Issues in DSGE Models," Working Papers 303, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. [Downloadable!]
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  5. Robert J. Tetlow & Peter von zur Muehlen, 2005. "Robustifying learnability," Finance and Economics Discussion Series 2005-58, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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  6. S. Fred Singer, 2006. "Comment," World Economics, World Economics, Economic & Financial Publishing, PO Box 69, Henley-on-Thames, Oxfordshire, United Kingdom, RG9 1GB, vol. 7(3), pages 185-188, July. [Downloadable!]
  7. Michael Ehrmann, 2006. "Rational inattention, inflation developments and perceptions after the euro cash changeover," Working Paper Series 588, European Central Bank. [Downloadable!]
  8. Alessandro Calza & Andrea Zaghini, 2006. "Non-linear dynamics in the euro area demand for M1," Working Paper Series 592, European Central Bank. [Downloadable!]
  9. Anindya Banerjee & Josep Lluís Carrion-i-Silvestre, 2006. "Cointegration in Panel Data with Breaks and Cross-Section Dependence," Economics Working Papers ECO2006/5, European University Institute. [Downloadable!]
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(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.)

  1. Luis J. Alvarez, 2007. "What Do Micro Price Data Tell Us on the Validity of the New Keynesian Phillips Curve?," Kiel Working Papers 1330, Kiel Institute for the World Economy. [Downloadable!]
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  2. Katja Funke & Christiane Nickel, 2006. "Does fiscal policy matter for the trade account? A panel cointegration study," Working Paper Series 620, European Central Bank. [Downloadable!]
  3. Gautier, E., 2008. "Les ajustements microéconomiques des prix : une synthèse des modèles théoriques et résultats empiriques," Documents de Travail 211, Banque de France. [Downloadable!]
  4. Samu Kurri, 2007. "Price changes in Finland: some evidence from micro CPI data," Working Paper Series 728, European Central Bank. [Downloadable!]
  5. Paolo Vitale, 2006. "A market microstructure analysis of foreign exchange intervention," Working Paper Series 629, European Central Bank. [Downloadable!]
    Other versions:
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