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Sticky prices: new evidence from retail catalogs

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  • Anil K. Kashyap

Abstract

This paper presents new results on the size, frequency, and synchronization of price changes for twelve selected retail goods over the past thirty-five years. Three basic facts about the data are uncovered. First, nominal prices are typically fixed for more than one year, although the time between changes is very irregular. Second, prices change more often during periods of high overall inflation. Third, when prices do change, the sizes of the changes are widely dispersed. Both 'large' and 'small' changes occur for the same item and the sizes of these changes do not closely depend on overall inflation. Copyright 1995, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Bibliographic Info

Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series Finance and Economics Discussion Series with number 112.

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Date of creation: 1990
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Handle: RePEc:fip:fedgfe:112

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Keywords: Retail trade ; Prices;

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  1. Laurence Ball & N. Gregory Mankiw, 1994. "A sticky-price manifesto," Proceedings, Federal Reserve Bank of Dallas, issue Apr.
  2. Warner, Elizabeth J & Barsky, Robert B, 1995. "The Timing and Magnitude of Retail Store Markdowns: Evidence from Weekends and Holidays," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 321-52, May.
  3. Akerlof, George A & Yellen, Janet L, 1985. "Can Small Deviations from Rationality Make Significant Differences to Economic Equilibria?," American Economic Review, American Economic Association, vol. 75(4), pages 708-20, September.
  4. Benabou, Roland, 1988. "Search, Price Setting and Inflation," Review of Economic Studies, Wiley Blackwell, vol. 55(3), pages 353-76, July.
  5. Ball, Laurence & Romer, David, 1990. "Real Rigidities and the Non-neutrality of Money," Review of Economic Studies, Wiley Blackwell, vol. 57(2), pages 183-203, April.
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