Replication data for: How Frequent Are Small Price Changes?

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

Version: View help for Version V1

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Project Citation:

Eichenbaum, Martin, Jaimovich, Nir, Rebelo, Sergio, and Smith, Josephine. Replication data for: How Frequent Are Small Price Changes? Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114292V1

Project Description

Summary: Recent empirical work suggests that small price changes are relatively common. This evidence has been used to criticize classic menu-cost models. In this paper, we use scanner data from a national supermarket chain and micro data from the Consumer Price Index to reassess the importance of small price changes. We argue that the vast majority of these changes are due to measurement error. We conclude that the evidence on the prevalence of small price changes is much too weak to be used as a litmus test of nominal rigidity models.

Scope of Project

JEL Classification:
      C82 Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
      E31 Price Level; Inflation; Deflation
      L11 Production, Pricing, and Market Structure; Size Distribution of Firms
      L81 Retail and Wholesale Trade; e-Commerce

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V1 [2019-10-12]

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