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The cyclicality of sales, regular and effective prices : business cycle and policy implications
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| 자료유형 | 단행본 |
|---|---|
| 서명/저자사항 | The cyclicality of sales, regular and effective prices : business cycle and policy implications/ Olivier Coibion, Yuriy Gorodnichenko and Gee Hee Hong. |
| 개인저자 | Coibion, Olivier,author. Gorodnichenko, Yuriy,author, Hong, Gee Hee,author, |
| 단체저자명 | International Monetary Fund. Research Department. |
| 형태사항 | 1 online resource (74 pages): color illustrations. |
| 총서사항 | IMF Working Paper;WP/12/207 |
| ISBN | 9781475581225 147558122X |
| 일반주기 |
"Research Department."
"August 2012." |
| 서지주기 | Includes bibliographical references. |
| 요약 | We study the cyclical properties of sales, regular price changes and average prices paid by consumers ("effective" prices) in a dataset containing prices and quantities sold for numerous retailers across a variety of U.S. metropolitan areas. Both the frequency and size of sales fall when local unemployment rates rise and yet the inflation rate for effective prices paid by consumers declines significantly with higher unemployment. This discrepancy can be reconciled by consumers reallocating their expenditures across retailers, a feature of the data which we document and quantify. We propose a simple model with household shopping effort and store-switching consistent with these stylized facts and document its implications for business cycles and policymakers. |
| 일반주제명 | Consumer behavior --United States --Econometric models. Unemployment --Effect of inflation on --United States --Econometric models. Inflation (Finance) --United States --Psychological aspects --Econometric models. BUSINESS & ECONOMICS --Finance. |
| 언어 | 영어 |
| 바로가기 |  |
