Relative Price Variability and Inflation: Evidence from U.S. Cities

Debelle, Guy; Lamont, Owen A.

doi:10.1086/262068

Cited by 100 publications

(53 citation statements)

References 28 publications

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“…We use a broad-based cost-of-living 1 In this paper, we focus exclusively on price dispersion, or intra-market relative price variability. There is also a substantial literature on inter-market relative price variability, including Vining and Elwertowski (1976), Parks (1978), and Debelle and Lamont (1997).…”

Section: Introductionmentioning

confidence: 99%

Inflation, price dispersion, and market structure

Çağlayan

Filiztekin

Rauh

2008

European Economic Review

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Abstract. In this paper, we use a unique micro-level data set from Istanbul to investigate the empirical relationship between inflation and price dispersion. In particular, our data set includes price observations from three distinct store types: bakkals (convenience stores), pazars (bazaars), and supermarkets. Our findings indicate that pazars exhibit the least amount of price dispersion on average, which is consistent with the fact that menu and search costs are very low in the pazar and that such sellers seem to have very little market power. Moreover, we find that several of the basic inflation-dispersion channels identified by the theoretical literature seem to be operating in our data.

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Section: Introductionmentioning

confidence: 99%

Inflation, price dispersion, and market structure

Çağlayan

Filiztekin

Rauh

2008

European Economic Review

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“…If an increase in the money supply also leads to an increase in relative-price variability, as Hume's theory predicts, the price level should be positively related to relative-price variability. This relationship has been confirmed by, among others, Debelle andLamont (1997), Fischer (1981), Lastrapes (2006), Parks (1978), and Vining and Elwertowski (1976).…”

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confidence: 64%

Lucas and Hume on Monetary Non-Neutrality: A Tension between the Logic and the Technique of Economics

Biľo

2015

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. This theory of the non-neutrality of money was introduced into economics by David Hume, among others, but it has since disappeared from the leading conversations on monetary non-neutrality. However, the disappearance was not caused by any theoretical or empirical weakness. Using Lucas's Nobel lecture as my point of departure, I argue that it disappeared because it did not fit into the popular technical frameworks. Terms of use: Documents in EconStor may

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“…Numerous empirical studies have confirmed this conjecture, both in time-series and in cross-sectional contexts (Lach and Tsiddon, 1992;Jaramillo, 1999;Debelle and Lamont, 1997).…”

Section: A Econometric Strategymentioning

confidence: 78%

Relative Price Stability, Creditor Rights, and Financial Deepening

Druck

Plekhanov²,

Dehesa³

2007

IMF Working Papers

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This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.The paper provides a theoretical and cross-country empirical analysis of the determinants of financial deepening, and finds that higher credit-to-GDP ratios are associated with stronger creditor rights and lower inflation, and that the marginal effect of improvements in creditor rights protection is declining as the rate of inflation increases. The analysis suggests that in a high inflation environment, controlling inflation and reducing macroeconomic volatility should be given priority. Once these goals are achieved, the focus of attention should shift to creditor rights protection and credit information management. JEL Classification Numbers: G28, K22, E64

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Relative Price Variability and Inflation: Evidence from U.S. Cities

Cited by 100 publications

References 28 publications

Inflation, price dispersion, and market structure

Inflation, price dispersion, and market structure

Lucas and Hume on Monetary Non-Neutrality: A Tension between the Logic and the Technique of Economics

Relative Price Stability, Creditor Rights, and Financial Deepening

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