Macroeconomic Implications of Uniform Pricings

• 成果类型: Article
• 署名作者: Daruich, Diego; Kozlowski, Julian
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - St. Louis
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20210172
• 发表日期: 2023
• 页码: 64-108
• 关键词: EMPIRICAL-ANALYSIS; price dispersion; union evidence; house prices; inflation; COMPETITION; POLICY; MARKET; consumption; elasticity

摘要

We compile a new database of grocery prices in Argentina. We find uniform pricing both within and across regions-i.e., prices almost do not vary within the stores of a chain. In line with uniform pricing, prices in stores of chains operating in one region react to changes in regional employment while prices in multiregion chains do not. Using a quantitative regional model with multiregion firms and uniform pricing, we find a one-half smaller elasticity of prices to a regional than an aggregate shock. This result highlights that some caution may be necessary when using regional shocks to estimate aggregate elasticities. (JEL D22, L11, L81, O14, O18, R32)