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Pricing in inflationary times : the penny drops
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Chakraborty, Ratula, Dobson, Paul, Seaton, Jonathan S. and Waterson, Michael (2015) Pricing in inflationary times : the penny drops. Journal of monetary economics, 76 . pp. 71-86. doi:10.1016/j.jmoneco.2015.08.002 ISSN 0304-3932.
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Official URL: http://dx.doi.org/10.1016/j.jmoneco.2015.08.002
Abstract
How does the frequency and magnitude of micro price rises and falls relate to macroeconomic crisis, as well as moderation? Weekly micro pricing behaviour in British groceries is investigated across three leading retailers over the moderation period 2004-7 and crisis period 2008-10. We find significant price flexibility sharply distinguished from behaviour observed in most previous work. Downward price flexibility increases markedly in 2008. Overall basket prices rise, but significantly more individual prices fall than rise in the latter period. Tests of obfuscation in price setting suggest the large numbers of small price falls were used to disguise basket price rises.
| Item Type: | Journal Article | ||||||||||
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| Subjects: | H Social Sciences > HF Commerce | ||||||||||
| Divisions: | Faculty of Social Sciences > Economics | ||||||||||
| Library of Congress Subject Headings (LCSH): | Inflation (Finance) | ||||||||||
| Journal or Publication Title: | Journal of monetary economics | ||||||||||
| Publisher: | Elsevier BV | ||||||||||
| ISSN: | 0304-3932 | ||||||||||
| Official Date: | November 2015 | ||||||||||
| Dates: |
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| Volume: | 76 | ||||||||||
| Number of Pages: | 16 | ||||||||||
| Page Range: | pp. 71-86 | ||||||||||
| DOI: | 10.1016/j.jmoneco.2015.08.002 | ||||||||||
| Status: | Peer Reviewed | ||||||||||
| Publication Status: | Published | ||||||||||
| Access rights to Published version: | Open Access (Creative Commons) | ||||||||||
| Date of first compliant deposit: | 15 January 2016 | ||||||||||
| Date of first compliant Open Access: | 15 January 2016 | ||||||||||
| Funder: | Economic and Social Research Council (Great Britain) (ESRC) | ||||||||||
| Grant number: | RES-062-23-1962 (ESRC) |
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