RIGID PRICES: EVIDENCE FROM U.S. SCANNER DATA

• 成果类型: Article
• 署名作者: Campbell, Jeffrey R.; Eden, Benjamin
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Chicago; Tilburg University; Vanderbilt University
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12055
• 发表日期: 2014
• 页码: 423-442
• 关键词: sticky prices; inflation; COSTS; adjustment; consumer; DYNAMICS; BEHAVIOR; demand; sales

摘要

This article uses weekly scanner data from two small U.S. cities to characterize time and state dependence of grocers' pricing decisions. In these data, the probability of a nominal adjustment declines with the time since the last price change. A store's price for a particular product typically goes through several price changes in rapid succession before settling down. We also detect state dependence: The probability of a nominal adjustment is highest when a store's price substantially differs from the average of other stores' prices. However, extreme relative prices typically reflect the store's recent changes instead of changes in average prices.