Coarse Pricing Policies
Coarse Pricing Policies
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粗略定价政策
DOI：
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发表时间：
2019
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影响因子：
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通讯作者：
Luminita Stevens
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作者：
Luminita Stevens
大衰退期间通胀的温和波动及其后果使人们重新关注企业在调整价格时面临的限制。使用新的经验和理论的结果，我认为，每个公司的选择，获得多少信息来设定价格起着核心作用，在产品层面的定价模式和总价格刚性的程度，以应对冲击。在支持的信息渠道，我提出了产品级的证据表明，公司的价格商品使用粗糙的定价政策，更新不频繁，包括一个小菜单的价格。企业在定价政策的复杂性和持续时间上是异质的，这种异质性反映在对大衰退周期的不同反应中，表现出更复杂政策的企业反应更积极。我开发了一个理论的信息约束下的价格设定，内生地产生粗定价，并定量匹配的离散性，持续时间和波动性的政策数据。信息摩擦抑制了价格对冲击的反应，加上波动性的加剧，促使公司保持相对较高的价格，以防止在不确定的环境中遭受损失。
The muted volatility of inflation during the Great Recession and its aftermath has refocused attention on the constraints that firms face when adjusting prices. Using new empirical and theoretical results, I argue that each firm’s choice of how much information to acquire to set prices plays a central role in determining the patterns of pricing at the product level and the degree of aggregate price rigidity in response to shocks. In support of the information channel, I present product-level evidence that firms price goods using coarse pricing policies that are updated infrequently and consist of a small menu of prices. Firms are heterogeneous in the complexity and duration of their pricing policies, and this heterogeneity is reflected in differential responses to the Great Recession cycle, with firms exhibiting more complex policies responding more aggressively. I develop a theory of information-constrained price setting that generates coarse pricing endogenously, and quantitatively matches the discreteness, duration, and volatility of policies in the data. The information friction dampens the responsiveness of prices to shocks, and, coupled with heightened volatility, induces firms to keep prices relatively high, to protect against losses in an uncertain environment.