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Some evidence on the importance of sticky prices

Author: Mark Bils; Peter J Klenow; National Bureau of Economic Research.
Publisher: Cambridge, MA. : National Bureau of Economic Research, ©2002.
Series: Working paper series (National Bureau of Economic Research), no. 9069.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: 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frequency of price changes for 350 categories of goods and services covering about 70% of consumer spending, based on unpublished data from the BLS for 1995 to 1997.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  Read more...
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Genre/Form: History
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Mark Bils; Peter J Klenow; National Bureau of Economic Research.
OCLC Number: 50655496
Notes: 22 unnumbered pages of tables and figures located between p. 30 and 31.
"August 2002."
Description: 1 online resource (33, [22] pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 9069.
Responsibility: Mark Bils, Peter J. Klenow.

Abstract:

Abstract: 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frequency of price changes for 350 categories of goods and services covering about 70% of consumer spending, based on unpublished data from the BLS for 1995 to 1997.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. The data appendix for this paper can be found at http://www.nber.org/data-appendix/w9069.

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