High-Frequency Changes in Shopping Behaviours, Promotions and the Measurement of Inflation: Evidence from the Great Lockdown.
High-Frequency Changes in Shopping Behaviours, Promotions and the Measurement of Inflation: Evidence from the Great Lockdown.
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DOI：
10.1111/1475-5890.12241
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发表时间：
2020-09
期刊：
影响因子：
7.3
通讯作者：
O'Connell M
中科院分区：
文献类型：
--
作者：
Jaravel X;O'Connell M
我们使用2019冠状病毒病大流行期间英国的真实的实时扫描数据，调查封锁初期通胀飙升的驱动因素，并量化购物行为和促销活动的高频变化对通胀计量的影响。尽管产品层面支出份额的变化在封锁期间异常高，但我们发现，不考虑支出转换的价格指数的诱导偏差并不比往年大。我们还记录了大量消费者转向在线购物和零售商，但表明这不是通胀飙升的关键驱动因素。相比之下，价格和数量促销活动的减少是推动通胀上升的关键，低收入消费者对促销活动的使用减少解释了为什么他们经历了适度的低通胀。总体而言，购物行为的变化在封锁期间推动通胀上升的作用很小;价格上涨是主要原因，特别是通过减少促销频率。
We use real‐time scanner data in Great Britain during the COVID‐19 pandemic to investigate the drivers of the inflationary spike at the beginning of lockdown and to quantify the impact of high‐frequency changes in shopping behaviours and promotions on inflation measurement. Although changes in product‐level expenditure shares were unusually high during lockdown, we find that the induced bias in price indices that do not account for expenditure switching is not larger than in prior years. We also document substantial consumer switching towards online shopping and across retailers, but show this was not a key driver of the inflationary spike. In contrast, a reduction in price and quantity promotions was key to driving higher inflation, and lower use of promotions by low‐income consumers explains why they experienced moderately lower inflation. Overall, changes in shopping behaviours played only a minor role in driving higher inflation during lockdown; higher prices were the main cause, in particular through a reduced frequency of promotions.
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影响因子：
10.7
作者：
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通讯作者：
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影响因子：
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作者：
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Jaravel, Xavier
DOI：
10.2307/1927819
发表时间：
1947-11-01
期刊：
REVIEW OF ECONOMIC STATISTICS
影响因子：
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作者：
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通讯作者：
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作者：
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影响因子：
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作者：
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