Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/65802
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dc.contributor.authorDixon, Huwen_US
dc.contributor.authorZhou, Pengen_US
dc.date.accessioned2010-12-16en_US
dc.date.accessioned2012-11-02T14:28:55Z-
dc.date.available2012-11-02T14:28:55Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/65802-
dc.description.abstractThis paper uses unpublished retailer-level microdata underlying UK consumer price indices to investigate price rigidity. Based on the conventional method, little rigidity is found in frequency of price change, since the implied price duration is only 5.5 months. However, it significantly underestimates the true duration (9.3 months) as suggested by cross-sectional method. Results also exhibit conspicuous heterogeneities in rigidity across sectors and shop types but weak difference across regions and time. The overall distribution of duration can be decomposed by sector into a decreasing component and a cyclical component with 4-month cycles. Both time and state dependent features exist in pricing. These findings support New Keynesian theories and enable a better calibration to improve the performances of macroeconomic models.en_US
dc.language.isoengen_US
dc.publisher|aCardiff University, Cardiff Business School |cCardiffen_US
dc.relation.ispartofseries|aCardiff Economics Working Papers |xE2010/11en_US
dc.subject.jelC41en_US
dc.subject.jelD22en_US
dc.subject.jelE31en_US
dc.subject.jelL11en_US
dc.subject.ddc330en_US
dc.subject.keywordPrice Rigidityen_US
dc.subject.keywordPrice Durationen_US
dc.subject.keywordMicrodataen_US
dc.subject.keywordCross-Sectionalen_US
dc.titleAn empirical study on price rigidityen_US
dc.typeWorking Paperen_US
dc.identifier.ppn641932774en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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