Sticky Prices: New Evidence from Retail Catalogs
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.
|Date of creation:||Sep 1994|
|Date of revision:|
|Publication status:||published as Quarterly Journal of Economics, 1995, vol CX, no 1|
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- Laurence Ball & N. Gregory Mankiw, 1994.
"A Sticky-Price Manifesto,"
NBER Working Papers
4677, National Bureau of Economic Research, Inc.
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- Ball, Laurence & Romer, David, 1990.
"Real Rigidities and the Non-neutrality of Money,"
Review of Economic Studies,
Wiley Blackwell, vol. 57(2), pages 183-203, April.
- Akerlof, George A & Yellen, Janet L, 1985. "Can Small Deviations from Rationality Make Significant Differences to Economic Equilibria?," American Economic Review, American Economic Association, vol. 75(4), pages 708-20, September.
- Warner, Elizabeth J & Barsky, Robert B, 1995. "The Timing and Magnitude of Retail Store Markdowns: Evidence from Weekends and Holidays," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 321-52, May.
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