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dc.contributor.authorCheung, Yin-Wongen_US
dc.contributor.authorFujii, Eijien_US
dc.date.accessioned2008-04-11en_US
dc.date.accessioned2009-07-28T08:30:25Z-
dc.date.available2009-07-28T08:30:25Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/26320-
dc.description.abstractUsing 25 years of monthly data on individual Japanese retail prices, we study the behavior of product-specific Law of One Price (LOP) deviations. Individual tradable products, compared with nontradables, are more likely to have different distributions of LOP deviations across cities. Their distributions are also more likely to change over time. Individual LOP deviation series are found to display considerable persistence and there is limited evidence that tradability enhances price convergence. In addition, deviations from the LOP are found to display nonlinear trends, and these trends are not linearly related to a product’s tradability. For individual products, LOP deviations are affected by their own inflation rates and, to a lesser extent, by aggregate inflation, output variations, and monetary variability. Interestingly, the trend behavior remains significant in the presence of these economic variables.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2275en_US
dc.subject.jelF31en_US
dc.subject.jelF34en_US
dc.subject.jelF36en_US
dc.subject.ddc330en_US
dc.subject.keywordprice dispersionen_US
dc.subject.keywordtradabilityen_US
dc.subject.keywordasymmetric inflation effectsen_US
dc.subject.keywordmarket integrationen_US
dc.subject.stwEinzelhandelspreisindexen_US
dc.subject.stwPreisspanneen_US
dc.subject.stwInternationaler Preiszusammenhangen_US
dc.subject.stwInflationen_US
dc.subject.stwHandelbares Guten_US
dc.subject.stwMarktintegrationen_US
dc.subject.stwJapanen_US
dc.titleDeviations from the law of one price in Japanen_US
dc.typeWorking Paperen_US
dc.identifier.ppn561450536en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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