Understanding long-run price dispersion

• 成果类型: Article
• 署名作者: Crucini, Mario J.; Yilmazkuday, Hakan
• 署名单位: Vanderbilt University; State University System of Florida; Florida International University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2014.04.012
• 发表日期: 2014
• 页码: 226-240
• 关键词: Real exchange rates; Purchasing power parity; Law of one price; dynamic panel

摘要

A unique panel of retail prices spanning 123 cities in 79 countries from 1990 to 2005 is used to uncover the novel properties of long-run international price dispersion. At the PPP level, almost all of price dispersion is attributed to unskilled wage dispersion. At the level of individual goods and services, the average contribution of these wages is significantly reduced, reflecting that good-specific sources of price dispersion, such as trade costs and good-specific markups, tend to average out across goods. At the LOP level, borders and distance contribute about equally to price dispersion that is rising in the distribution share. (C) 2014 Elsevier B.V. All rights reserved.