Micro and macro price dynamics in daily data

Abe, Naohito; Tonogi, Akiyuki

doi:10.1016/j.jmoneco.2010.05.016

Cited by 31 publications

(36 citation statements)

References 14 publications

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“…At an anecdotal level, the prices I pay for butter, gas or airline tickets seem to change every week. More systematic evidence points in the same direction, 2 and I would still defend the assumption as a good approximation (with the caveat discussed below in section 4). The argument, however, is largely empirical, and my position may turn out to be wrong.…”

Section: Price ‡Exibilitymentioning

confidence: 87%

Growth cycles with or without price flexibility

Skøtt¹

2015

ROKE

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This note -written in response to von Arnim and Barrales (2015) -shows that (i) the Kaldor-Goodwin models in Skott (1989aSkott ( , 1989b and Skott and Zipperer (2012) provide good approximations to models with fast but …nite adjustment of prices, (ii) the models can generate cyclical patterns that match the stylized facts, and (iii) an alternative model with instantaneous output adjustment and …xed prices produces a dynamic system that is virtually identical to the Kaldor-Goodwin; this model may describe parts of the service sector.JEL codes: E12, E32

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Section: Price ‡Exibilitymentioning

confidence: 87%

Growth cycles with or without price flexibility

Skøtt¹

2015

ROKE

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“…Japan's micro price dynamics have been studied by the Bank of Japan (), Higo and Saita (), Ikeda and Nishioka (), Mizuno et al . (), Abe and Tonogi (), and Watanabe and Watanabe (), among others. Our closest and complementary work is Abe and Tonogi (), who employ the same POS data as ours, although our dataset is longer than theirs, including the most recent 7 years.…”

Section: Introductionmentioning

confidence: 93%

Micro Price Dynamics during Japan's Lost Decades

Sudo

Ueda

Watanabe

2014

Asian Economic Policy Review

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We study micro price dynamics and their macroeconomic implications using daily scanner data from 1988 to 2013. We provide five facts. First, posted prices in Japan are ten times as flexible as those in the US scanner data. Second, regular prices are almost as flexible as those in the USA and Euro area. Third, the heterogeneity of frequency and size of price change across products is sizable and maintained throughout the sample period. Fourth, during Japan's lost decades, temporary sales have played an increasingly important role in households' consumption expenditure. Fifth, the frequency of upward regular price revisions and the frequency of sales are significantly correlated with the macroeconomic environment, in particular indicators associated with a labor market, while other components of price changes are not.

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“…The sample of retail stores spreads across Japan, but it is biased to relatively large stores. According to Abe and Tonogi (2010), even small stores have 2,000 customers a day. This POS data is useful tool to obtain better understanding of the linkages between macroeconomy and price dynamics, such as possible reasons for sluggish response of aggregate prices to macroeconomic shocks.…”

Section: Data Descriptionmentioning

confidence: 99%

“…Klenow and Kryvtsov (2008) Abe and Tonogi (2010) that employ the same POS data as ours though our data set is longer than theirs by recent seven years. In addition, the two papers differ in terms of sales filter and the fact that we explore the relationship between micro price dynamics and the macro economy.…”

Section: Introductionmentioning

confidence: 99%

Micro Price Dynamics During Japan's Lost Decades

Sudo

Ueda

Watanabe

2013

gwp

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We study micro price dynamics and their macroeconomic implications using daily scanner data from 1988 to 2013. We provide five facts. First, posted prices in Japan are ten times as flexible as those in the U.S. scanner data. Second, regular prices are almost as flexible as those in the U.S. and Euro area. Third, the heterogeneity of frequency and size of price change across products is sizable and maintained throughout the sample period. Fourth, during Japan's lost decades, temporary sales have played an increasingly important role in households' consumption expenditure. Fifth, the frequency of upward regular price revisions and the frequency of sales are significantly correlated with the macroeconomic environment in particular indicators associated with a labor market while other components of price changes are not.

show abstract

Micro and macro price dynamics in daily data

Cited by 31 publications

References 14 publications

Growth cycles with or without price flexibility

Growth cycles with or without price flexibility

Micro Price Dynamics during Japan's Lost Decades

Micro Price Dynamics During Japan's Lost Decades

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