Relative prices and inflation: an empirical analysis of firm-level price data from selected Swiss service industries
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| Format: | Thesis Book |
| Language: | English |
| Published: |
2002
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XII, 177 S. graph. Darst. |
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MARC
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| 100 | 1 | |a Minsch, Rudolf |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Relative prices and inflation |b an empirical analysis of firm-level price data from selected Swiss service industries |c Rudolf Minsch |
| 264 | 1 | |c 2002 | |
| 300 | |a XII, 177 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
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| 502 | |a St. Gallen, Univ., Diss., 2002 | ||
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| 650 | 0 | 7 | |a Inflation |0 (DE-588)4026887-1 |2 gnd |9 rswk-swf |
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Record in the Search Index
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| adam_text | Contents
1 Introduction and Outline 1
2 A Survey of the Literature 5
2.1 Relative Price Dispersion versus Relative Price Variability ... 5
2.2 Theoretical Research 7
2.2.1 Theories Linking Relative Price Dispersion and Inflation 8
2.2.2 Summary of the Theoretical Developments 17
2.3 Empirical Research 19
2.3.1 Empirical Evidence on the Relation between RPV and
Inflation 20
2.3.2 Criticism of the Empirical Evidence 25
2.3.3 Empirical Evidence on Relative Price Dispersion and
Inflation 28
2.3.4 Summary and Discussion of the Empirical Research . . 33
2.4 Summary and Open Questions 34
3 Measures of Relative Price Dispersion and Relative Price
Variability 37
3.1 Measures of Relative Price Dispersion 38
3.1.1 Desired Properties of the RPD Measures 38
3.1.2 Three Measures of Relative Price Dispersion and Vari¬
ance Decomposition 40
3.2 Measures of Relative Price Variability 45
3.2.1 Desired Properties of the RPV Measures 45
3.2.2 Three Measures of Relative Price Variability 48
4 Empirical Analysis 53
4.1 Data 54
4.1.1 Data Requirements 55
4.1.2 Data Selection and Description 56
4.1.3 Properties and Advantages of the Data 58
vi Contents
4.2 Relative Price Variability and Inflation 66
4.2.1 Intramarket Relative Price Variability 67
4.2.2 General Inflation Rate and Intramarket Relative Price
Variability 74
4.2.3 Intermarket Relative Price Variability 82
4.2.4 Summary of Section 4.2 84
4.3 Relative Price Dispersion and Inflation 85
4.3.1 The Composition Effect 86
4.3.2 Intramarket Relative Price Dispersion 90
4.3.3 Absolute Change of Intramarket Relative Price Dispersion 94
4.3.4 Intermarket Relative Price Dispersion 100
4.3.5 Summary of Section 4.3 103
4.4 Price Setting and Relative Prices 105
4.4.1 Duration of Price Quotations 106
4.4.2 Proportion of Price Changes 115
4.4.3 Magnitude of Price Changes 119
4.4.4 Reasons for the RPV inflation Relation 127
4.4.5 Long Run Relationship between RPV and Inflation . . . 133
4.4.6 Summary of Section 4.4 136
5 Conclusion 139
A Derivation of Alternative Measures 141
A.I Intramarket Mean Relative Price Deviation 141
A.2 Intermarket Mean Relative Price Deviation 143
A.3 Mean Relative Price Variability 145
B Data Source and Treatment 147
C Tables 151
D Distribution of Relative Prices 157
References 169
List of Tables
2.1 Different approaches postulating a relationship between rela¬
tive prices and inflation 18
2.2 Empirical research finding a positive RPV inflation relationship. 22
2.3 Empirical research on the RPD inflation relationship with mi¬
cro data 29
3.1 Price example RPD 40
3.2 Interpretation of the different measures of RPD 45
3.3 Price example RPV 46
3.4 Interpretation of the different measures of RPV 51
4.1 Sample size 60
4.2 Weights of selected industries in CPI 65
4.3 Estimation results of the intramarket RPV inflation relation,
restaurants and movie theatres 70
4.4 Estimation results of the intramarket RPV inflation relation,
movie theatres and hair salons 71
4.5 Estimation results of the relation between intramarket RPV
and the general inflation, restaurants and movies 78
4.6 Estimation results of the intermarket RPV inflation relation. . 83
4.7 Illustration of the composition effect 88
4.8 Estimation results of the intramarket RPD inflation relation,
restaurants and movie theatres 91
4.9 Estimation results of the intramarket RPD inflation relation,
movie theatres and hair salons 92
4.10 Results of the reduced sample estimation of the intramarket
RPD inflation relation, restaurants and movie theatres 95
4.11 Estimation results of the relation between the absolute change
of the intramarket RPD and inflation, restaurants and movie
theatres 97
viii Contents
4.12 Estimation results of the relation between the absolute change
of intramarket RPD and inflation, movie theatres and hair salons. 98
4.13 Estimation results of the relation between the absolute change
of intramarket RPD and general inflation rate, restaurants and
movie theatres 99
4.14 Intermarket relative price dispersion and inflation, estimation
results using different variable definitions 102
4.15 Illustration of the calculation of the average duration of price
quotations 107
4.16 Average duration of price quotations by product 108
4.17 Properties of the distribution of the average duration of price
quotations 115
4.18 Positive and negative price changes by product 121
4.19 Properties of the conditional price change distribution, average
absolute size of price changes per firm 124
C.I Intramarket RPV inflation relation using different measures,
restaurants and movie theatres 152
C.2 Intramarket RPV inflation relation using different measures,
movie theatres and hair salons 153
C.3 Intramarket RPV and general inflation, restaurants and movie
theatres 154
C.4 Estimated long run relationship between RPV and inflation. . . 155
D.I Properties of the distributions of relative prices by product
group and subsample period 161
D.2 Tests for normality of standardized relative prices 167
List of Figures
2.1 Illustration of the difference between RPD and RPV 6
2.2 Relative price variability and inflation in a simple menu costs
model 13
2.3 Inflation and the change in RPD between 1892 and 1926 in the
U.S. based on Mills (1927) data 30
4.1 Annual inflation rate in Switzerland in percent 66
4.2 Intramarket RPV and component inflation rate for positive
price changes 75
4.3 Quarterly inflation rate in Switzerland in percent 76
4.4 Intramarket relative price dispersion and inflation of beer, re¬
duced sample 96
4.5 Frequency of the duration of price quotations by product group
and subsample period Ill
4.6 Frequency of the proportion of price changes by product. . . . 116
4.7 Proportion of price changes per quarter and general inflation. . 117
4.8 Frequency of the magnitude of price changes by product group
and subsample period 123
4.9 Average size of positive price changes and general inflation per
quarter 126
4.10 Average size of negative price changes and general inflation per
quarter 126
4.11 Relative price variability and proportion of price changes. . . . 130
4.12 Long run relationship between RPV and inflation 137
D.I Distribution of relative price deviations, r^u by product group
and subsample period 160
D.2 Distribution of standardized relative prices, Zijt, by product
group and subsample period 166
|
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| genre_facet | Hochschulschrift |
| geographic | Schweiz (DE-588)4053881-3 gnd |
| geographic_facet | Schweiz |
| id | DE-604.BV014876128 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T19:08:19Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-010061386 |
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| physical | XII, 177 S. graph. Darst. |
| publishDate | 2002 |
| publishDateSearch | 2002 |
| publishDateSort | 2002 |
| record_format | marc |
| spelling | Minsch, Rudolf Verfasser aut Relative prices and inflation an empirical analysis of firm-level price data from selected Swiss service industries Rudolf Minsch 2002 XII, 177 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier St. Gallen, Univ., Diss., 2002 Preisentwicklung (DE-588)4125931-2 gnd rswk-swf Inflation (DE-588)4026887-1 gnd rswk-swf Ökonometrisches Modell (DE-588)4043212-9 gnd rswk-swf Dienstleistungssektor (DE-588)4012183-5 gnd rswk-swf Schweiz (DE-588)4053881-3 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Schweiz (DE-588)4053881-3 g Inflation (DE-588)4026887-1 s Preisentwicklung (DE-588)4125931-2 s Dienstleistungssektor (DE-588)4012183-5 s Ökonometrisches Modell (DE-588)4043212-9 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010061386&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Minsch, Rudolf Relative prices and inflation an empirical analysis of firm-level price data from selected Swiss service industries Preisentwicklung (DE-588)4125931-2 gnd Inflation (DE-588)4026887-1 gnd Ökonometrisches Modell (DE-588)4043212-9 gnd Dienstleistungssektor (DE-588)4012183-5 gnd |
| subject_GND | (DE-588)4125931-2 (DE-588)4026887-1 (DE-588)4043212-9 (DE-588)4012183-5 (DE-588)4053881-3 (DE-588)4113937-9 |
| title | Relative prices and inflation an empirical analysis of firm-level price data from selected Swiss service industries |
| title_auth | Relative prices and inflation an empirical analysis of firm-level price data from selected Swiss service industries |
| title_exact_search | Relative prices and inflation an empirical analysis of firm-level price data from selected Swiss service industries |
| title_full | Relative prices and inflation an empirical analysis of firm-level price data from selected Swiss service industries Rudolf Minsch |
| title_fullStr | Relative prices and inflation an empirical analysis of firm-level price data from selected Swiss service industries Rudolf Minsch |
| title_full_unstemmed | Relative prices and inflation an empirical analysis of firm-level price data from selected Swiss service industries Rudolf Minsch |
| title_short | Relative prices and inflation |
| title_sort | relative prices and inflation an empirical analysis of firm level price data from selected swiss service industries |
| title_sub | an empirical analysis of firm-level price data from selected Swiss service industries |
| topic | Preisentwicklung (DE-588)4125931-2 gnd Inflation (DE-588)4026887-1 gnd Ökonometrisches Modell (DE-588)4043212-9 gnd Dienstleistungssektor (DE-588)4012183-5 gnd |
| topic_facet | Preisentwicklung Inflation Ökonometrisches Modell Dienstleistungssektor Schweiz Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010061386&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT minschrudolf relativepricesandinflationanempiricalanalysisoffirmlevelpricedatafromselectedswissserviceindustries |