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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 35 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.

Suggested Citation

  • Anil K. Kashyap, 1994. "Sticky Prices: New Evidence from Retail Catalogs," NBER Working Papers 4855, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:4855
    Note: ME
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    References listed on IDEAS

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    1. Laurence Ball & David Romer, 1990. "Real Rigidities and the Non-Neutrality of Money," Review of Economic Studies, Oxford University Press, vol. 57(2), pages 183-203.
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    More about this item

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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