New Facts on Consumer Price Rigidity in the Euro AreaIndian Rupee

• 成果类型: Article
• 署名作者: Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-blanco, Pau; Rumler, Fabio; Santoro, Sergio; Wieland, Elisabeth; Zimmer, Helene
• 署名单位: European Central Bank; Bank of France; Universite PSL; Universite Paris-Dauphine; European Central Bank; Bank of Italy; European Central Bank; National Bank of Belgium; National Bank of Slovakia; Slovak Academy of Sciences; Bank of Lithuania; Deutsche Bundesbank; Oesterreichische Nationalbank (OeNB); European Central Bank; Bank of Greece; Autonomous University of Barcelona; Barcelona School of Economics
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20220289
• 发表日期: 2024
• 页码: 386-431
• 关键词: optimal monetary-policy; setting behavior; menu costs; inflation; shocks; responses; france; sales; spain; AREA

摘要

Using CPI microdata for 11 euro area countries over 2010-2019, we document new findings on consumer price rigidity in the euro area: ( i ) the average frequency of price changes is 12 percent; ( ii ) the distribution of price changes is highly dispersed, with frequent large and small changes; ( iii ) price changes are more frequent in January; and ( iv ) the overall size of price changes rises with inflation, but their frequency does not; these changes in the size are driven by movements in the fraction of price changes that are increases, not by the absolute size of price increases or decreases. ( JEL E31, E52, F33, L11)