Replication data for: Reset Price Inflation and the Impact of Monetary Policy Shocks

Name: Replication data for: Reset Price Inflation and the Impact of Monetary Policy Shocks
Published: 2012-05-01
License: This work is licensed under an Other license created by the data depositor. Please refer to the LICENSE file, which should be located alongside the project data and documentation.
Keywords: Micro panel data

Principal Investigator(s): View help for Principal Investigator(s) Mark Bils; Peter J. Klenow; Benjamin A. Malin

Version: View help for Version V1

Name	File Type	Size	Last Modified
20090247_data			10/19/2021 09:13:AM
LICENSE.txt	text/plain	14.6 KB	10/11/2019 01:58:PM

Project Citation:

Bils, Mark, Klenow, Peter J., and Malin, Benjamin A. Replication data for: Reset Price Inflation and the Impact of Monetary Policy Shocks. Nashville, TN: American Economic Association [publisher], 2012. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112559V1

Project Description

Summary: Many business cycle models use a flat short-run Phillips curve, due to time-dependent pricing and strategic complementarities, to explain fluctuations in real output. But, in doing so, these models predict unrealistically high persistence and stability of US inflation in recent decades. We calculate "reset price inflation"—based on new prices chosen by the subsample of price changers—to dissect this discrepancy. We find that the models generate too much persistence and stability both in reset price inflation and in the way reset price inflation is converted into actual inflation. Our findings present a challenge to existing explanations for business cycles. (JEL E31, E52)

Scope of Project

Subject Terms: Micro panel data

JEL Classification:
E31 Price Level; Inflation; Deflation
E52 Monetary Policy

Geographic Coverage: United States major cities

Time Period(s): 1/1990 – 10/2009 (January 1990 through October 2009)

Data Type(s): survey data; event/transaction data; observational data

Methodology

Data Source: U.S. Bureau of Labor Statistics Commodities and Services Survey

Unit(s) of Observation: item-level prices,

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Published Versions

V1 [2019-10-11]

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