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Price Changes in Finland: Some Evidence from the Micro CPI data

  • Samu Kurri

    ()

    (Bank of Finland)

Registered author(s):

    This paper studies the adjustment patterns of Finnish Consumer Price Index (CPI) from the following perspectives. First, we examine how the adjustment patterns have changed from late 1990s to mid 2000s. We find significant differences in the price adjustment patterns both over time and between item subgroups. Second, we examine the relative importance of time and state dependent pricing elements found in the Finnish CPI data. Our empirical findings are consistent with a time dependent pricing model, although we find some signs of state dependent pricing behaviour as well.

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    File URL: http://www.taloustieteellinenyhdistys.fi/images/stories/fep/f22009_kurri.pdf
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    Article provided by Finnish Economic Association in its journal Finnish Economic Papers.

    Volume (Year): 22 (2009)
    Issue (Month): 2 (Autumn)
    Pages: 47-62

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    Handle: RePEc:fep:journl:v:22:y:2009:i:2:p:47-62
    Contact details of provider: Web page: http://www.taloustieteellinenyhdistys.fi

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    11. Dias, Daniel & Robalo Marques, Carlos & Santos Silva, João M. C., 2006. "Measuring the importance of the uniform nonsynchronization hypothesis," Working Paper Series 0606, European Central Bank.
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    13. Luis J. Álvarez & Ignacio Hernando, 2004. "Price setting behaviour in Spain: stylised facts using consumer price micro data," Working Papers 0422, Banco de España;Working Papers Homepage.
    14. Mark Bils & Peter J. Klenow, 2004. "Some Evidence on the Importance of Sticky Prices," Journal of Political Economy, University of Chicago Press, vol. 112(5), pages 947-985, October.
    15. Michael Dotsey & Robert G. King & Alexander L. Wolman, 1999. "State-Dependent Pricing and the General Equilibrium Dynamics of Money and Output," The Quarterly Journal of Economics, Oxford University Press, vol. 114(2), pages 655-690.
    16. Daniel Dias & Carlos Robalo Marques & J.M.C.Santos Silva, 2005. "Time or State Dependent Price Setting Rules? Evidence from Portuguese Micro Data," Working Papers w200508, Banco de Portugal, Economics and Research Department.
    17. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
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    19. Emi Nakamura & Jón Steinsson, 2008. "Five Facts about Prices: A Reevaluation of Menu Cost Models," The Quarterly Journal of Economics, Oxford University Press, vol. 123(4), pages 1415-1464.
    20. Kurri, Samu, 2007. "Price changes in Finland: some evidence from micro CPI data," Working Paper Series 0728, European Central Bank.
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