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Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
ECB Working Paper No. 536
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
This paper examines heterogeneity in price stickiness using a large, original, set of individual price data collected at the retail level for the computation of the French CPI. To that end, we estimate, at a very high level of disaggregation, competing-risks duration models that distinguish between price increases, price decreases and product replacements. The main findings are the following: i ) cross-product and cross-outlet-type heterogeneity in both the shape of the hazard function and the impact of covariates is pervasive ii) at the product-outlet type level, the baseline hazard function of a price spell is non-decreasing iii ) there is strong evidence of state dependence, especially for price increases.
Schlagwörter: 
duration models
hazard function
heterogeneity
sticky prices
JEL: 
E31
C41
Dokumentart: 
Working Paper

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