The roles of price points and menu costs in price rigidity

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Monetary Economics Pub Date : 2024-07-01 DOI:10.1016/j.jmoneco.2024.103559

Edward S. Knotek II

引用次数: 0

Abstract

Macroeconomic models often generate nominal price rigidity via menu costs. In scanner databases, (1) price points, embodied in nine-ending prices, account for two-thirds of prices; (2) at the conclusion of sales, post-sale prices return to their pre-sale levels more than three-fourths of the time; and (3) such memory around sales is stronger if the pre-sale price was a price point. Extending a canonical menu cost model to allow for price points, I estimate an incentive to set nine-ending prices two orders of magnitude larger than the menu costs. The choice of a mechanism for price rigidity matters for aggregate dynamics.

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价格点和菜单成本在价格刚性中的作用

宏观经济模型通常通过菜单成本产生名义价格刚性。在扫描数据库中，(1) 价格点（体现为九尾价格）占价格的三分之二；(2) 在销售结束时，售后价格有四分之三以上的时间会恢复到销售前的水平；(3) 如果销售前的价格是一个价格点，这种销售记忆会更强。我将典型的菜单成本模型扩展到价格点，估算出九点结束时的价格比菜单成本高两个数量级。价格刚性机制的选择对总体动态至关重要。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Monetary Economics Multiple-

CiteScore

7.20

自引率

4.90%

发文量

审稿时长

74 days

期刊介绍： The profession has witnessed over the past twenty years a remarkable expansion of research activities bearing on problems in the broader field of monetary economics. The strong interest in monetary analysis has been increasingly matched in recent years by the growing attention to the working and structure of financial institutions. The role of various institutional arrangements, the consequences of specific changes in banking structure and the welfare aspects of structural policies have attracted an increasing interest in the profession. There has also been a growing attention to the operation of credit markets and to various aspects in the behavior of rates of return on assets. The Journal of Monetary Economics provides a specialized forum for the publication of this research.