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Consumer price adjustment under the microscope: Germany in a period of low inflation

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  • Hoffmann, Johannes
  • Kurz-Kim, Jeong-Ryeol

Abstract

We analyse the adjustment of retail and services prices in a period of low inflation, using a set of individual price data from the German Consumer Price Index which covers the years 1998 to 2003. We strong find evidence of time- and state-dependent price adjustment. Most importantly, the differences in ?unconditional? sectoral price flexibility are found to be linked to input price volatility. --

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Bibliographic Info

Paper provided by Deutsche Bundesbank, Research Centre in its series Discussion Paper Series 1: Economic Studies with number 2006,16.

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Date of creation: 2006
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Handle: RePEc:zbw:bubdp1:4355

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Keywords: price rigidity; price flexibility; Consumer Price Index; Germany;

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  1. Lin, Ping & Saggi, Kamal, 2005. "Multinational firms, exclusivity, and the degree of backward linkages," Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank, Research Centre 2005,10, Deutsche Bundesbank, Research Centre.
  2. Fred Ramb & Alfons Weichenrieder, 2004. "Taxes and the Financial Structure of German Inward FDI," CESifo Working Paper Series 1355, CESifo Group Munich.
  3. Slacalek, Jirka & Fritsche, Ulrich & Dovern, Jonas & Döpke, Jörg, 2005. "European inflation expectations dynamics," Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank, Research Centre 2005,37, Deutsche Bundesbank, Research Centre.
  4. Luis J. Álvarez & Ignacio Hernando, 2004. "Price setting behaviour in Spain: stylised facts using consumer price micro data," Banco de Espa�a Working Papers, Banco de Espa�a 0422, Banco de Espa�a.
  5. Emmanuel Dhyne & Luis J. Álvarez & Hervé Le Bihan & Giovanni Veronese & Daniel Dias & Johannes Hoffmann & Nicole Jonker & Patrick Lünnemann & Fabio Rumler & Jouko Vilmunen, 2005. "Price setting in the euro area: Some stylized facts from Individual Consumer Price Data," Working Papers, Banco de Portugal, Economics and Research Department w200506, Banco de Portugal, Economics and Research Department.
  6. Sascha O. Becker & Karolina Ekholm & Robert Jaeckle & Marc-Andreas Muendler, 2005. "Location Choice and Employment Decisions: A Comparison of German and Swedish Multinationals," CESifo Working Paper Series 1374, CESifo Group Munich.
  7. Veronese, Giovanni & Fabiani, Silvia & Gattulli, Angela & Sabbatini, Roberto, 2005. "Consumer price behaviour in Italy: evidence from micro CPI data," Working Paper Series, European Central Bank 0449, European Central Bank.
  8. Eyal Baharad & Benjamin Eden, 2004. "Price Rigidity and Price Dispersion: Evidence from Micro Data," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 7(3), pages 613-641, July.
  9. Baudry, Laurent & Le Bihan, Hervé & Sevestre, Patrick & Tarrieu, Sylvie, 2004. "Price rigidity. Evidence from the French CPI micro-data," Working Paper Series, European Central Bank 0384, European Central Bank.
  10. von Kalckreuth, Ulf, 2005. "A "wreckers theory" of financial distress," Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank, Research Centre 2005,40, Deutsche Bundesbank, Research Centre.
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