The size, frequency and synchronization of price adjustment: microeconomic evidence
AbstractThis paper presents non-parametric microeconomic evidence on storesâ€™ price setting behavior and evaluates the findings in light of theories of nominal price rigidity. The main issues include the durability of price quotations, the size, the frequency and the across-store and within-store synchronization of price changes. The analysis is based on a unique, high frequency panel data set of consumer prices recorded between 1993 and 1996 in Hungary. The results indicate that basic price adjustment patterns tend to be consistent with implications of two-sided (S,s) pricing models. Other popular macroeconomic models of price setting are boldly violated by the data.
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Bibliographic InfoPaper provided by Economics Division, School of Social Sciences, University of Southampton in its series Discussion Paper Series In Economics And Econometrics with number 0029.
Date of creation: 01 Jan 2000
Date of revision:
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- Attila Csajbók (ed.) & Ágnes Csermely (ed.), 2002. "Adopting the euro in Hungary: expected costs, benefits and timing," MNB Occasional Papers 2002/24, Magyar Nemzeti Bank (the central bank of Hungary).
- Alexander L. Wolman, 2000.
"The frequency and costs of individual price adjustments,"
Federal Reserve Bank of Richmond, issue Fall, pages 1-22.
- Alexander L. Wolman, 2007. "The frequency and costs of individual price adjustment," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 28(6), pages 531-552.
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