Inflation and price setting in a natural experiment

• 成果类型: Article
• 署名作者: Konieczny, JD; Skrzypacz, A
• 署名单位: Stanford University; Wilfrid Laurier University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2004.07.006
• 发表日期: 2005
• 页码: 621-632
• 关键词: inflation; relative price variability; menu costs; transition economics

摘要

We analyze the behavior of price setters in Poland during the transition from a planned to a market economy, using a large disaggregated data set. The size and frequency of price changes, as well as relative price variability, all increase as inflation rises. The effect of expected inflation on relative price variability is Much stronger than the effect of unexpected inflation. Despite the unusual economic environment, the results are qualitatively identical, and quantitatively stronger, than those in Lach and Tsiddon [1992. Journal of Political Economy 100, 349-389]. (c) 2005 Elsevicr B.V. All rights reserved.