State-Dependent or Time-Dependent Pricing : Does It Matter for Recent U . S . Inflation ?
State-Dependent or Time-Dependent Pricing : Does It Matter for Recent U . S . Inflation ?
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取决于状态或取决于时间的定价：对于最近的美国来说重要吗？
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发表时间：
2007
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通讯作者：
Peter J. Klenow
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作者：
Peter J. Klenow
在美国劳工统计局收集的1988-2004年CPI微观数据中，价格变化频繁（每4-7个月，取决于销售价格的处理），绝对值大（约为10%）。对于给定的商品，价格变化的大小和时间变化很大，但价格变化的大小和概率与上次价格变化后的时间无关。总通货膨胀率的变动反映的是价格变动规模的变动，而不是价格变动项目的比例，这是由于价格上涨和下降部分的变动所抵消的。主要的时间依赖模型（Taylor或Calvo）和1代状态依赖模型都不符合所有这些事实。然而，一些2代状态依赖模型似乎与经验模式大致一致。____________这项研究是在限制访问劳工统计局（BLS）数据的情况下进行的。约翰·格林利斯、大卫·约翰逊、沃尔特·莱恩、罗布·麦克利兰和蒂格·鲁德在使用劳工统计局数据方面为我们提供了宝贵的帮助和指导。本文仅代表作者个人观点，并不一定反映加拿大银行或劳工统计局的观点。Rodrigo Barros, Adam Cagliarini, Ryoji Hiraguchi， Romans Pancs和Benjamin Malin提供了最好的研究协助。我们感谢众多研讨会参与者、一位编辑和三位审稿人提供的有益意见。发送评论和问题到Pete@Klenow.net和okryvtsov@bankofcanada.ca。
In the 1988-2004 micro data collected by the U.S. Bureau of Labor Statistics for the CPI, price changes are frequent (every 4-7 months, depending on the treatment of sale prices) and large in absolute value (on the order of 10%). The size and timing of price changes varies considerably for a given item, but the size and probability of a price change are unrelated to the time since the last price change. Movements in aggregate inflation reflect movements in the size of price changes rather than the fraction of items changing price, due to offsetting movements in the fraction of price increases and decreases. Neither leading time-dependent models (Taylor or Calvo) nor 1 generation state-dependent models match all of these facts. Some 2 generation state-dependent models, however, appear broadly consistent with the empirical patterns. ____________ This research was conducted with restricted access to Bureau of Labor Statistics (BLS) data. John Greenlees, David Johnson, Walter Lane, Rob McClelland, and Teague Ruder provided us invaluable assistance and guidance in using BLS data. The views expressed here are those of the authors and do not necessarily reflect the views of the Bank of Canada or the BLS. Rodrigo Barros, Adam Cagliarini, Ryoji Hiraguchi, Romans Pancs, and Benjamin Malin provided superlative research assistance. We thank numerous seminar participants, an editor, and three referees for helpful comments. Send comments and questions to Pete@Klenow.net and okryvtsov@bankofcanada.ca.