Informational rigidities and the stickiness of temporary Sales

被引：39

作者：

Anderson, Eric ^{[1
]}

Malin, Benjamin A. ^{[2
]}

Nakamura, Emi ^{[3
]}

Simester, Duncan ^{[4
]}

Steinsson, Jon ^{[3
]}

机构：

[1] Northwestern Univ, Evanston, IL 60208 USA

[2] Fed Reserve Bank Minneapolis, Minneapolis, MN 55401 USA

[3] Columbia Univ, New York, NY 10027 USA

[4] MIT, Cambridge, MA 02139 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2017年 / 90卷

基金：

美国国家科学基金会;

关键词：

Temporary sales; Inflation dynamics; Trade deals; STICKY PRICES; PASS-THROUGH; MONETARY-POLICY; RETAIL; COSTS; FACTS;

D O I：

10.1016/j.jmoneco.2017.06.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

How do retailers react to cost changes? While temporary sales account for 95% of price change in our data, retail prices respond to a wholesale cost increase entirely through the regular price. Sales actually respond temporarily in the opposite direction from regular prices, as though to conceal the price hike. Additional evidence from responses to commodity cost and local unemployment shocks, as well as broader evidence from BLS data, reinforces these findings. Institutional evidence indicates that sales are complex contingent contracts, determined substantially in advance. In a standard price-discrimination model, these institutional practices leave little money "on the table". (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：64 / 83

页数：20

共 30 条

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Acosta, 2012, TREND BEHIND SPEND

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