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Heterogeneidad Observada y no Observada en la Formación de los Precios del Ipc Colombiano

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  • Juan Manuel Julio

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Abstract

En este trabajo se caracterizan las reglas de precios de los minoristas colombianos a través de funciones de hazard. Se enfatiza la reducción del sesgo derivado de la heterogeneidad observada como no observada en dichas funciones. El efecto de la heterogeneidad observada se reduce al estimar la hazard aniveles muy desagregados, a través de la estratificación, al incluir variables de estado y al estimar estas separadamente para incrementos y disminuciones. El efecto de la heterogeneidad no observada se reduce al introducir un término de efectos aleatorios denominado fragilidad, frailty, que permite a minoristas del mismo estrato tener rachas de precios más cortas que otros. La base de datos contiene12´052.970 reportes de precios y cubre un periodo de tiempo con inflación decreciente y otro con inflación creciente, la cual la hace ideal para estudiar la presencia de costos de menú.

Suggested Citation

  • Juan Manuel Julio, 2010. "Heterogeneidad Observada y no Observada en la Formación de los Precios del Ipc Colombiano," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 28(63), pages 66-99, December.
  • Handle: RePEc:col:000107:009433
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    References listed on IDEAS

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    1. Fougere, Denis & Le Bihan, Herve & Sevestre, Patrick, 2007. "Heterogeneity in Consumer Price Stickiness: A Microeconometric Investigation," Journal of Business & Economic Statistics, American Statistical Association, vol. 25, pages 247-264, July.
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    4. Martin Eichenbaum & Jonas D. M. Fisher, 2003. "Testing the Calvo model of sticky prices," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 40-53.
    5. Carlos Carvalho & Fernanda Nechio, 2011. "Aggregation and the PPP Puzzle in a Sticky-Price Model," American Economic Review, American Economic Association, vol. 101(6), pages 2391-2424, October.
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    7. Carvalho Carlos, 2006. "Heterogeneity in Price Stickiness and the Real Effects of Monetary Shocks," The B.E. Journal of Macroeconomics, De Gruyter, vol. 6(3), pages 1-58, December.
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    Cited by:

    1. Andrés González & Lavan Mahadeva & Juan D. Prada & Diego Rodríguez, 2011. "Policy Analysis Tool Applied to Colombian Needs: Patacon Model Description," Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 29(66), pages 222-245, Diciembre.
    2. Juan Carlos Parra A. & Martha Misas A. & Enrique López E., 2010. "Heterogeneidad en la fijación de precios en Colombia: Análisis de sus determinantes a partir de modelos de conteo," Borradores de Economia 628, Banco de la Republica de Colombia.

    More about this item

    Keywords

    fijación de precios; rigideces de precios; modelos de duración; función hazard.;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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