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Violating the Law of One Price : Should We Make a Federal Case Out of It? Preview this item
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Violating the Law of One Price : Should We Make a Federal Case Out of It?

Author: Charles Engel; John H Rogers
Publisher: Cambridge, Mass. National Bureau of Economic Research 1999.
Series: Working paper series (National Bureau of Economic Research), no. w7242.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We use new disaggregated data on consumer prices to determine why there is variability in prices of similar goods across U.S. cities. We address questions similar to those that have arisen in the international context: is this variability purely a result of market segmentation or do sticky nominal prices play a role? We also examine how the degree of tradability of a good influences price variability. Surprisingly,  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Charles Engel; John H Rogers
OCLC Number: 1027348872
Notes: July 1999.
Description: 1 online resource.
Details: Mode of access: World Wide Web.
Series Title: Working paper series (National Bureau of Economic Research), no. w7242.
Responsibility: Charles Engel, John H. Rogers.

Abstract:

We use new disaggregated data on consumer prices to determine why there is variability in prices of similar goods across U.S. cities. We address questions similar to those that have arisen in the international context: is this variability purely a result of market segmentation or do sticky nominal prices play a role? We also examine how the degree of tradability of a good influences price variability. Surprisingly, we find that variability is larger for traded-goods. We attribute this finding to greater price stickiness for non-traded goods. Distance between cities accounts for a significant amount of the variation in prices between pairs of cities. But we also find that nominal price stickiness plays an even more significant role.

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