Price Setting in Japan: Evidence from CPI Micro Data
Price Setting in Japan: Evidence from CPI Micro Data
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日本的定价：CPI微观数据的证据
DOI：
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发表时间：
2007
期刊：
影响因子：
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通讯作者：
Yumi Saita
中科院分区：
文献类型：
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作者：
Masahiro Higo;Yumi Saita
本文利用1989 ~ 2003年日本零售价格调查中的CPI微观数据，对日本的价格制定行为进行了研究。我们确定以下四个事实。首先，商品价格变动频率高，而服务价格变动频率低。1990年代，商品价格变动的频率增加了，而服务价格变动的频率却大大减少了。其次，许多项目具有向下倾斜的风险函数，而有些项目具有柔性型或泰勒型风险函数。第三，在CPI的大多数类别中，自20世纪90年代以来，价格变化频率的下降导致了CPI通胀率的下降，而价格变化的规模大致保持不变。第四，跨品类价格变动频率的异质性及其演变受到劳动力成本在生产成本中所占份额的差异和企业临时销售价格策略变化的强烈影响。
This paper investigates the price-setting behavior in Japan by using the CPI micro data in the Retail Price Survey from 1989 to 2003. We establish the four facts as follows. First, the frequency of price changes for goods is high while that for services is low. The frequency of price changes for goods has increased during the 1990s while that for services has greatly decreased. Second, many items have a downward sloping hazard function while some have the flexible-type or the Taylor-type hazard function. Third, in most of the categories in the CPI, a decline in the frequency of price changes has contributed to the drop in the CPI inflation rate since the 1990s while the size of price changes has remained roughly unchanged. Fourth, the heterogeneity in the frequency of price changes acrosscategories and its evolution are strongly influenced by the differences in the share of labor costs in the production costs and changes in the firm's price strategy regarding temporary sales.