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On what states do prices depend? : answers from Ecuador

Author: Craig Benedict; Bank of Canada,
Publisher: Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2016. ©2016
Series: Staff working paper (Bank of Canada), 2016-43.
Edition/Format:   eBook : Document : National government publication : EnglishView all editions and formats
Summary:
"In this paper, we argue that differences in the cost structures across sectors play an important role in firms' decisions to adjust their prices. We develop a menu-cost model of pricing in which retail firms intermediate trade between producers and consumers. An important facet of our analysis is that the labor-cost share of retail production differs across goods and services in the consumption basket. For example,  Read more...
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Details

Material Type: Document, Government publication, National government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Craig Benedict; Bank of Canada,
OCLC Number: 960096897
Language Note: Includes abstracts in English and French.
Notes: Distributed by the Government of Canada Depository Services Program (Weekly acquisitions list 2016-39).
"September 2016."
Description: 1 online resource (ii, 24 pages).
Series Title: Staff working paper (Bank of Canada), 2016-43.
Responsibility: by Craig Benedict, State University of New York at Oswego, Mario J. Crucini, Vanderbilt University and National Bureau of Economic Research, and Anthony Landry, Canadian Economic Analysis Department, Bank of Canada.

Abstract:

"In this paper, we argue that differences in the cost structures across sectors play an important role in firms' decisions to adjust their prices. We develop a menu-cost model of pricing in which retail firms intermediate trade between producers and consumers. An important facet of our analysis is that the labor-cost share of retail production differs across goods and services in the consumption basket. For example, the price of gasoline at the retail pump is predicted to adjust more frequently and by more than the price of a haircut because of the high volatility in wholesale gasoline prices relative to the wages of unskilled labor, even when both retailers face a common menu cost. This modeling approach allows us to account for some of the cross-sectional differences observed in the frequency of price adjustments across goods. We apply this model to Ecuador to takeadvantage of inflation variations and the rich panel of monthly retail prices"--Abstract.

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Linked Data


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