Replication data for: Reference Prices, Costs, and Nominal Rigidities

Principal Investigator(s):  View help for Principal Investigator(s) Martin Eichenbaum; Nir Jaimovich; Sergio Rebelo

Version:  View help for Version V1

Name File Type Size Last Modified
  Program_Codes 10/11/2019 03:10:PM
LICENSE.txt text/plain 14.6 KB 10/11/2019 11:10:AM

Project Citation: 

Eichenbaum, Martin, Jaimovich, Nir, and Rebelo, Sergio. Replication data for: Reference Prices, Costs, and Nominal Rigidities. Nashville, TN: American Economic Association [publisher], 2011. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112396V1

Project Description

Summary:  View help for Summary We assess the importance of nominal rigidities using a new weekly scanner dataset. We find that nominal rigidities take the form of inertia in reference prices and costs, defined as the most common prices and costs within a given quarter. Reference prices are particularly inertial and have an average duration of roughly one year, even though weekly prices change roughly once every two weeks. We document the relation between prices and costs and find sharp evidence of state dependence in prices. We use a simple model to argue that reference prices and costs are useful statistics for macroeconomic analysis. (JEL L11, L25, L81)

Scope of Project

JEL Classification:  View help for JEL Classification
      L11 Production, Pricing, and Market Structure; Size Distribution of Firms
      L25 Firm Performance: Size, Diversification, and Scope
      L81 Retail and Wholesale Trade; e-Commerce


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V1 [2019-10-11]

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