The Cyclicality of Sales, Regular and Effective Prices: Business Cycle and Policy Implications

被引:72
|
作者
Coibion, Olivier [1 ]
Gorodnichenko, Yuriy [2 ]
Hong, Gee Hee [3 ]
机构
[1] Univ Texas Austin, Dept Econ, Austin, TX 78712 USA
[2] Univ Calif Berkeley, Dept Econ, Berkeley, CA 94720 USA
[3] Int Monetary Fund, Washington, DC 20431 USA
来源
AMERICAN ECONOMIC REVIEW | 2015年 / 105卷 / 03期
基金
美国国家科学基金会;
关键词
MONETARY-POLICY; STICKY PRICES; INFLATION; SUBSTITUTION; PROMOTIONS; MODELS; INDEX;
D O I
10.1257/aer.20121546
中图分类号
F [经济];
学科分类号
02 ;
摘要
We study the cyclical properties of sales, regular price changes, and average prices paid by consumers ("effective" prices) using data on prices and quantities sold for numerous retailers across many US metropolitan areas. Inflation in the effective prices paid by consumers declines significantly with higher unemployment while little change occurs in the inflation rate of prices posted by retailers. This difference reflects the reallocation of household expenditures across retailers, a feature of the data which we document and quantify, rather than sales. We propose a simple model with household store-switching and assess its implications for business cycles and policymakers.
引用
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页码:993 / 1029
页数:37
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