Five Facts about Prices: A Reevaluation of Menu Cost Models*

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ID: 292133
2008
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Abstract
are price decreases. (3) The frequency of price increases covaries strongly with inflation, whereas the frequency of price decreases and the size of price increases and price decreases do not. (4) The frequency of price change is highly seasonal: it is highest in the first quarter and then declines. (5) We find no evidence of upwardsloping hazard functions of price changes for individual products. We show that the first, second, and third facts are consistent with a benchmark menu-cost model, whereas the fourth and fifth facts are not.
Reference Key
openalex_W2082839717 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Emi Nakamura, Jón Steinsson
Journal the quarterly journal of economics
Year 2008
DOI
10.1162/qjec.2008.123.4.1415
URL
https://doi.org/10.1162/qjec.2008.123.4.1415
Keywords Keywords not found

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