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Some Evidence on the Importance of Sticky Prices
Abstract
We examine the frequency of price changes for 350 categories of goods and services covering about 70 percent of consumer spending, on the basis of unpublished data from the Bureau of Labor Statistics for 1995–97. In comparison with previous studies, we find much more frequent price changes, with half of prices lasting less than 4.3 months. Even excluding temporary price cuts (sales), we find that half of prices last 5.5 months or less. We also find that the frequency of price changes differs dramatically across goods. Compared to the predictions of popular sticky‐price models, actual inflation rates are far more volatile and transient for sticky‐price goods.
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Citations
Cited by
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Christiano, L. J., Eichenbaum, M., & Evans, C. L. (2005) · Journal of Political Economy · doi:10.1086/426038 · Cited by 6,238
Does Stock Liquidity Enhance or Impede Firm Innovation?
FANG, V. W., TIAN, X., & TICE, S. (2014) · The Journal of Finance · doi:10.1111/jofi.12187 · Cited by 1,339
Sources of Inaction in Household Finance: Evidence from the Danish Mortgage Market
Andersen, S., Campbell, J. Y., Nielsen, K. M., & Ramadorai, T. (2020) · American Economic Review · doi:10.1257/aer.20180865 · Cited by 262
Scraped data and sticky prices
Cavallo, A. (2018) · The Review of Economics and Statistics · doi:10.1162/rest_a_00652 · Cited by 135
Menu Costs, Aggregate Fluctuations, and Large Shocks
Karadi, P., & Reiff, A. (2019) · American Economic Journal: Macroeconomics · doi:10.1257/mac.20160054 · Cited by 95
Metadata
- Authors
- Bils, M., & Klenow, P. J.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 2004-10
- Volume
- 112
- Issue
- 5
- Pages
- 947-985
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W2124091152
- Cited by
- 1,540
- References
- 0
- FWCI
- 136.02
- Type
- journal article
- Language
- en
- Open access
- closed
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