Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/336424 
Year of Publication: 
2025
Citation: 
[Journal:] Latin American Journal of Central Banking (LAJCB) [ISSN:] 2666-1438 [Volume:] 6 [Issue:] 2 [Article No.:] 100138 [Year:] 2025 [Pages:] 1-41
Publisher: 
Elsevier, Amsterdam
Abstract: 
Using daily retail prices gathered through web scraping in Mexico, we analyse time- and state-dependent price setting rules as determinants of the duration of price spells, or the probability of price changes. Through the lens of a duration model, we find some evidence of state-dependent behaviour, which suggests that sheer time-dependent pricing models are unable to fully describe the features of the data. Specifically, we find statistically significant impacts on the probability of a price change of the COVID-19 pandemic, of variations in the nominal US/MXN exchange rate and of variations of real point of sales expenditures. Finally, leveraging price data gathered via direct visits to brick-and-mortar stores, we find that the state of the economy has similar impacts on the expected duration of price spells across both websites and physical stores.
Subjects: 
COVID-19
Duration models
Nominal rigidities
Web scraped retail prices
JEL: 
E31
L16
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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