The Behavior of Prices and Inflation: An Empirical Analysis of Disaggregat Price Data
The Behavior of Prices and Inflation: An Empirical Analysis of Disaggregat Price Data
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价格和通货膨胀的行为：分类价格数据的实证分析
DOI：
10.1086/261821
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发表时间：
1992
影响因子：
8.2
通讯作者：
Daniel Tsiddon
中科院分区：
文献类型：
--
作者：
Saul Lach;Daniel Tsiddon
本文利用1978-84年以色列食品价格的分类数据，分析了通货膨胀对价格分散的影响，以及价格行为的其他方面。我们发现预期通货膨胀对市场内价格变异性的影响强于意外通货膨胀的影响。我们表明，即使在高通胀时期，报价也不是微不足道的短，价格变化在公司之间也不是同步的。这些事实加在一起，证实了价格的设定存在一些惊人之处。我们发现，实际价格的分布远非均匀，正如许多基于菜单成本的模型所假设或得出的结论。事实上，当通货膨胀上升到非常高的水平时，这种分布甚至不是对称的。当年通货膨胀率达到130%时，实际价格高于或低于市场平均水平的几率是相等的，但实际价格向上的偏差比向下的偏差离零更远。此外，由于年通货膨胀率从60%增加到130%，实际价格被推向了分布的两端。
This paper analyzes the effects of inflation on the dispersion of prices, as well as other aspects of price behavior, using disaggregated data on prices of foodstuffs in Israel during 1978-84. We find that the effect of expected inflation on intramarket price variability is stronger than the effect of unexpected inflation. We show that even in times of high inflation, price quotations are not trivially short and price changes are not synchronized across firms. These facts, taken together, confirm that there is some staggering in the setting of prices. We find that the distribution of real prices is far from being uniform, as many menu cost-based models assume or conclude. In fact, as inflation increases to very high levels, this distribution is not even symmetric. When the annual inflation rate reaches 130 percent, there are equal chances of finding real prices above or below the market average, but upward deviations in the real price are further away from zero than downward ones. Furthermore, as the annual rate of inflation more than doubles from 60 to 130 percent, real prices are pushed toward both tails of the distribution.