Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/65802 
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dc.contributor.authorDixon, Huwen
dc.contributor.authorZhou, Pengen
dc.date.accessioned2010-12-16-
dc.date.accessioned2012-11-02T14:28:55Z-
dc.date.available2012-11-02T14:28:55Z-
dc.date.issued2010-
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dc.description.abstractThis paper uses unpublished retailer-level microdata underlying UK consumer price indices to investigate price rigidity.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
dc.language.isoengen
dc.publisher|aCardiff University, Cardiff Business School |cCardiffen
dc.relation.ispartofseries|aCardiff Economics Working Papers |xE2010/11en
dc.subject.jelC41en
dc.subject.jelD22en
dc.subject.jelE31en
dc.subject.jelL11en
dc.subject.ddc330en
dc.subject.keywordPrice Rigidityen
dc.subject.keywordPrice Durationen
dc.subject.keywordMicrodataen
dc.subject.keywordCross-Sectionalen
dc.titleAn empirical study on price rigidity-
dc.typeWorking Paperen
dc.identifier.ppn641932774en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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