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Some Evidence on the Importance of Sticky Prices
Open accessAbstract
We examine the frequency of price changes for 350 categories of goods and services covering about 70% of consumer spending, based on unpublished data from the BLS for 1995 to 1997.Compared with previous studies we find much more frequent price changes, with half of prices lasting less than 4.3 months.The frequency of price changes differs dramatically across categories.We exploit this variation to ask how inflation for "flexible-price goods" (goods with frequent changes in individual prices) differs from inflation for "sticky-price goods" (those displaying infrequent price changes).Compared to the predictions of popular sticky price models, actual inflation rates are far more volatile and transient, particularly for sticky-price goods.
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Cited by
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Price Changes in the Euro Area and the United States: Some Facts from Individual Consumer Price Data
Dhyne, E., Álvarez, L. J., Bihan, H. L., Veronese, G., Dias, D., Hoffmann, J., Jonker, N., Lünnemann, P., Rumler, F., & Vilmunen, J. (2006) · Journal of Economic Perspectives · doi:10.1257/jep.20.2.171 · Cited by 401
Coibion, O., Gorodnichenko, Y., & Wieland, J. (2012) · The Review of Economic Studies · doi:10.1093/restud/rds013 · Cited by 359
Metadata
- Authors
- Bils, M., & Klenow, P.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 2002-07
- OpenAlex
- W2890450911
- Cited by
- 1,323
- References
- 0
- Type
- report
- Language
- en
- Open access
- green
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