Microeconomic Evidence on Price-Setting

Klenow, Peter J.; Malin, Benjamin

doi:10.1016/b978-0-444-53238-1.00006-5

Cited by 269 publications

(228 citation statements)

References 83 publications

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“…The results of study are mixed in the sense of fitting stylized facts regarding the pricing dynamics, summarized by Klenow and Malin (2010). Most striking finding is the high frequency of price changes compared to previous studies, which implies that prices are more flexible in Turkey compared to the developed economies.…”

Section: Introductionmentioning

confidence: 43%

Price Rigidity in Turkey: Evidence from Micro Data

Ozmen¹,

Sevinc²

2015

Emerging Markets Finance and Trade

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In this study we investigate the duration of consumer price spells and price change patterns for Turkey by employing a comprehensive micro price data covering around 6000 items over four years. In detail, we analyze how long typical price spell lasts and we investigate the size, frequency, distribution and synchronization of price changes. Compared to advanced economies, a higher frequency of price changes is estimated. Findings suggest substantial heterogeneity among sub-groups in terms of frequency and synchronization indicators. The mixed evidence of both state and time-dependent pricing is also relevant for Turkey, an emerging market economy. JEL Classifications: C41; D40; E31; E50

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Section: Introductionmentioning

confidence: 43%

Price Rigidity in Turkey: Evidence from Micro Data

Ozmen¹,

Sevinc²

2015

Emerging Markets Finance and Trade

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“…These results can be used to study the robustness of stylized facts across countries, parameterize models, and make cross-country comparisons. In particular, I show that prices are stickier than comparable results reported by various papers from fifteen countries summarized by Klenow and Malin (2010) and that the share of small price changes is low in most countries. In the appendix, I further use the cross-country data to show that inflation is not correlated with the overall frequency (size) of price changes but rather with the relative frequency (size) of price increases over decreases.…”

Section: Introductionmentioning

confidence: 45%

“…Over the past twenty years, a large empirical literature has tried to measure stickiness and understand its microfoundations. 1 These studies have produced a set of stylized facts, summarized by Klenow and Malin (2010), which have been used to motivate many theoretical papers. 2 The increase in empirical work has been possible due to unprecedented access to microlevel Consumer Price Index (CPI) data and scanner data sets in several countries.…”

Section: Introductionmentioning

confidence: 99%

Scraped Data and Sticky Prices

Cavallo

2012

SSRN Journal

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Abstract-I use daily prices collected from online retailers in five countries to study the impact of measurement bias on three common price stickiness statistics. Relative to previous results, I find that online prices have longer durations, with fewer price changes close to 0, and hazard functions that initially increase over time. I show that time-averaging and imputed prices in scanner and CPI data can fully explain the differences with the literature. I then report summary statistics for the duration and size of price changes using scraped data collected from 181 retailers in 31 countries.

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“…According to Klenow and Malin's (2011) survey of the empirical literature based on micro data, prices change, on average, at least once a year -somewhat more often than we thought was the case prior to Bils and Klenow (2004). In contrast, making sense of estimates of the response of the aggregate price level to monetary shocks (from dynamic stochastic general equilibrium -DSGE -models, or vector autoregressions) requires much less frequent price adjustments.…”

Section: Introductionmentioning

confidence: 91%

“…We use the period from 1979 to 1982 as a pre-sample, and evaluate the model according to its ability to match business cycle developments in nominal and real output in the period 1983-2007. 23 …”

Section: Macroeconomic Time Seriesmentioning

confidence: 99%

Real Rigidities and the Cross-Sectional Distribution of Price Stickiness: Evidence from Micro and Macro Data Combined

2014

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The Working Papers of Danmarks Nationalbank describe research and development, often still ongoing, as a contribution to the professional debate. Terms of use: Documents inThe viewpoints and conclusions stated are the responsibility of the individual contributors, and do not necessarily reflect the views of Danmarks Nationalbank.As a general rule, Working Papers are not translated, but are available in the original language used by the contributor. Danmarks Nationalbank's Working Papers are published in PDF format at www.nationalbanken.dk. A free electronic subscription is also available at this Web site.The subscriber receives an e-mail notification whenever a new Working Paper is published.Please direct any enquiries to Danmarks Nationalbank, Communications, Havnegade 5, DK-1093 Copenhagen K Denmark E-mail: kommunikation@nationalbanken.dkText may be copied from this publication provided that Danmarks Nationalbank is specifically stated as the source. Changes to or misrepresentation of the content are not permitted.Nationalbankens Working Papers beskriver forsknings-og udviklingsarbejde, ofte af foreløbig karakter, med henblik på at bidrage til en faglig debat.Synspunkter og konklusioner står for forfatternes regning og er derfor ikke nødvendigvis udtryk for Nationalbankens holdninger.Working Papers vil som regel ikke blive oversat, men vil kun foreligge på det sprog, forfatterne har brugt.Danmarks Nationalbanks Working Papers er tilgaengelige på www.nationalbanken.dk i pdf-format. På hjemmesiden er det muligt at oprette et gratis elektronisk abonnement, der leverer en e-mail notifikation ved enhver udgivelse af et Working Paper.Henvendelser kan rettes til: Danmarks Nationalbank, Kommunikation, Havnegade 5, 1093 København K. E-mail: kommunikation@nationalbanken.dk Det er tilladt at kopiere fra Nationalbankens Working Papers forudsat, at Danmarks Nationalbank udtrykkeligt anføres som kilde. Det er ikke tilladt at aendre eller forvanske indholdet. ISSN (online) 1602-1193 REAL RIGIDITIES AND THE CROSS-SECTIONAL DISTRIBUTION OF PRICE STICKINESS: EVIDENCE FROM MICRO AND MACRO DATA COMBINEDContact for this working paper: Niels Arne Dam Danmarks Nationalbank nad@nationalbanken.dk RESUME Vi opstiller en standard-model med stive priser, som kan belyse relevansen af tre mekanismer, der potentielt kan forlige de forholdsvis hyppige prisaendringer i mikroøkonomiske data med de store og langvarige effekter af monetaere stød, som findes i analyser af makroøkonomiske t...

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Microeconomic Evidence on Price-Setting

Cited by 269 publications

References 83 publications

Price Rigidity in Turkey: Evidence from Micro Data

Price Rigidity in Turkey: Evidence from Micro Data

Scraped Data and Sticky Prices

Real Rigidities and the Cross-Sectional Distribution of Price Stickiness: Evidence from Micro and Macro Data Combined

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