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Measuring the Importance of the Uniform Nonsynchronization Hypothesis

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Abstract

In this paper we critically reappraise some measures of the importance of time-dependent price setting rules and propose an alternative way to gauge the significance of this type of price setting behaviour. The merits of the proposed measure are highlighted in an application using micro-data. Our results suggest that a large proportion of price trajectories may be compatible with simple time-dependent price setting mechanisms but the strength of this evidence very much depends on the way that is used to evaluate the importance of this type of behaviour.

Suggested Citation

  • Daniel Dias, 2006. "Measuring the Importance of the Uniform Nonsynchronization Hypothesis," Working Papers w200603, Banco de Portugal, Economics and Research Department.
    • Handle: RePEc:ptu:wpaper:w200603
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    File URL: https://www.bportugal.pt/sites/default/files/anexos/papers/wp200603.pdf
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    Cited by:

    1. J.M.C. Santos Silva & Carlos Robalo Marques & Daniel Dias, 2007. "A note on measuring the importance of the uniform nonsynchronization hypothesis," Economics Bulletin, AccessEcon, vol. 4(6), pages 1-8.
    2. Vitale, Paolo, 2006. "A Market Microstructure Analysis of Foreign Exchange Intervention," CEPR Discussion Papers 5468, C.E.P.R. Discussion Papers.
    3. Konstantins Benkovskis & Ludmila Fadejeva & Krista Kalnberzina, 2010. "Price Setting Behaviour in Latvia: Descriptive Evidence from CPI Microdata," Discussion Papers 2010/01, Latvijas Banka.
    4. Samu Kurri, 2009. "Price Changes in Finland: Some Evidence from the Micro CPI data," Finnish Economic Papers, Finnish Economic Association, vol. 22(2), pages 47-62, Autumn.
    5. Alvarez González, Luis Julián, 2008. "What Do Micro Price Data Tell Us on the Validity of the New Keynesian Phillips Curve?," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 2, pages 1-36.
    6. Kurri, Samu, 2007. "Price changes in Finland: some evidence from micro CPI data," Working Paper Series 728, European Central Bank.
    7. Daniel Dias, 2006. "Measuring the Importance of the Uniform Nonsynchronization Hypothesis," Working Papers w200603, Banco de Portugal, Economics and Research Department.
    8. Erwan Gautier, 2008. "Les ajustements micro conomiques des prix : une synth se des mod les Théoriques et résultats empiriques," Working papers 211, Banque de France.
    9. repec:ebl:ecbull:v:4:y:2007:i:6:p:1-8 is not listed on IDEAS

    More about this item

    JEL classification:

    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms

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