The Cyclicality of Sales, Regular, and Effective Prices: Business Cycle and Policy Implications: Comment
成果类型：
Editorial Material
署名作者：
Gagnon, Etienne; Lopez-Salido, David; Sockin, Jason
署名单位：
Federal Reserve System - USA; University of Pennsylvania
刊物名称：
AMERICAN ECONOMIC REVIEW
ISSN/ISSBN：
0002-8282
DOI：
10.1257/aer.20150891
发表日期：
2017
页码：
3229-3242
关键词：
摘要：
Coibion, Gorodnichenko, and Hong (2015) argue that the CPI underestimates the deceleration in consumer prices during economic downturns because the index fails to account for the reallocation of consumer spending from high-price to low-price stores. We show that their conclusion hinges on some nonstandard methodological choices, including an aggressive censoring of price adjustments and a treatment for missing observations that can leave out some of the price variation. Under our preferred methodology, the regression results no longer indicate that greater store switching during downturns is a statistically or economically significant phenomenon.
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