The cyclicality of sales, regular and effective prices :: business cycle and policy implications /
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 l...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Körperschaft: | |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
2012.
|
| Schriftenreihe: | IMF working paper ;
WP/12/207. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | "Research Department." "August 2012." |
| Beschreibung: | 1 online resource (74 pages) : color illustrations |
| Bibliographie: | Includes bibliographical references. |
| ISBN: | 9781475581225 147558122X |
Internformat
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| 100 | 1 | |a Coibion, Olivier, |e author. |0 http://id.loc.gov/authorities/names/n2005003711 | |
| 245 | 1 | 4 | |a The cyclicality of sales, regular and effective prices : |b business cycle and policy implications / |c Olivier Coibion, Yuriy Gorodnichenko and Gee Hee Hong. |
| 264 | 1 | |a [Washington, D.C.] : |b International Monetary Fund, |c 2012. | |
| 300 | |a 1 online resource (74 pages) : |b color illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
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| 490 | 1 | |a IMF Working Paper ; |v WP/12/207 | |
| 504 | |a Includes bibliographical references. | ||
| 588 | 0 | |a Online resource; title from pdf information screen (Ebsco, viewed November 12, 2013). | |
| 500 | |a "Research Department." | ||
| 500 | |a "August 2012." | ||
| 520 | |a 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 | ||
| 505 | 0 | |a Cover; Abstract; Contents; References; I. Introduction; II. Data Description; III. The Cyclicality of Effective, Regular and Sales Price Changes; 3.1 The Cyclicality of Posted and Effective Prices; 3.2 The Cyclicality of Sales and Regular Price Changes; 3.3 Implications of Sales and Effective Price Cyclicality; IV. Household Store-Switching; 4.1 Cross-sectional variation in the sensitivity of pricing to business conditions; 4.2 Households' choices of shopping outlets as a function of business conditions; V. Cross-Good Substitution; VI. Aggregate Implications of Store-Switching. | |
| 505 | 8 | |a 6.1 New Keynesian Model with Expenditure Reallocation across Retailers6.2 Testable Predictions of the New Keynesian Model with Store-Switching; 6.3 Business Cycle and Policy Implications of Store-Switching; VII. Conclusion; References; Tables; 1. Descriptive statistics; 2. Cyclical properties of selected moments of price changes; 3. Cyclicality of pricing moments by store rank; 4. Rank of the shore where households shop as a function of local unemployment rate; 5. Rank of the shore where households shop as a function of local unemployment rate and household's; 6. Within category substitution. | |
| 505 | 8 | |a Figures1. Correlations between key moments; 2. Economic Conditions and the Reallocation of Consumption Expenditures Across Retailers; 3. Correlation between unemployment rate and measures of inflation; 4. Business Cycle and Policy Implications of Endogenous Shopping Effort and Store-Switching; Appendix Tables; 1. Descriptive Statistics by Category; 2. Moments for All (sales and regular) Price Changes; 3. Alternative Standard Errors; 4. Cyclical Behavior of Price Changes at the Category Level; 5. Cyclicality of pricing moments by store rank, alternative aggregation across UPCs. | |
| 505 | 8 | |a 6. Use Price Differentials to Construct Relative Price Ranks of Stores: Store-Level ResultsResults; Appendix Figures; 1. Sensitivity of Output Gap Response to Contractionary Monetary Policy Shock; Appendix B: A Model of Store-Switching and Pro-Cyclical Sales; Shopping Effort and Store-Switching; Appendix D: Construction of Data Moments. | |
| 650 | 0 | |a Consumer behavior |z United States |x Econometric models. | |
| 650 | 0 | |a Unemployment |x Effect of inflation on |z United States |x Econometric models. | |
| 650 | 0 | |a Inflation (Finance) |z United States |x Psychological aspects |x Econometric models. | |
| 650 | 6 | |a Consommateurs |x Comportement |z États-Unis |x Modèles économétriques. | |
| 650 | 6 | |a Chômage |x Effets de l'inflation sur |z États-Unis |x Modèles économétriques. | |
| 650 | 6 | |a Inflation |z États-Unis |x Aspect psychologique |x Modèles économétriques. | |
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| 700 | 1 | |a Hong, Gee Hee, |e author. |0 http://id.loc.gov/authorities/names/no2012114018 | |
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Datensatz im Suchindex
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| adam_text | |
| any_adam_object | |
| author | Coibion, Olivier Gorodnichenko, Yuriy Hong, Gee Hee |
| author_GND | http://id.loc.gov/authorities/names/n2005003711 http://id.loc.gov/authorities/names/n2005031712 http://id.loc.gov/authorities/names/no2012114018 |
| author_corporate | International Monetary Fund. Research Department |
| author_corporate_role | |
| author_facet | Coibion, Olivier Gorodnichenko, Yuriy Hong, Gee Hee International Monetary Fund. Research Department |
| author_role | aut aut aut |
| author_sort | Coibion, Olivier |
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| building | Verbundindex |
| bvnumber | localFWS |
| callnumber-first | H - Social Science |
| callnumber-label | HG3881 |
| callnumber-raw | HG3881.5.I58 W67 No. 12/207eb |
| callnumber-search | HG3881.5.I58 W67 No. 12/207eb |
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| contents | Cover; Abstract; Contents; References; I. Introduction; II. Data Description; III. The Cyclicality of Effective, Regular and Sales Price Changes; 3.1 The Cyclicality of Posted and Effective Prices; 3.2 The Cyclicality of Sales and Regular Price Changes; 3.3 Implications of Sales and Effective Price Cyclicality; IV. Household Store-Switching; 4.1 Cross-sectional variation in the sensitivity of pricing to business conditions; 4.2 Households' choices of shopping outlets as a function of business conditions; V. Cross-Good Substitution; VI. Aggregate Implications of Store-Switching. 6.1 New Keynesian Model with Expenditure Reallocation across Retailers6.2 Testable Predictions of the New Keynesian Model with Store-Switching; 6.3 Business Cycle and Policy Implications of Store-Switching; VII. Conclusion; References; Tables; 1. Descriptive statistics; 2. Cyclical properties of selected moments of price changes; 3. Cyclicality of pricing moments by store rank; 4. Rank of the shore where households shop as a function of local unemployment rate; 5. Rank of the shore where households shop as a function of local unemployment rate and household's; 6. Within category substitution. Figures1. Correlations between key moments; 2. Economic Conditions and the Reallocation of Consumption Expenditures Across Retailers; 3. Correlation between unemployment rate and measures of inflation; 4. Business Cycle and Policy Implications of Endogenous Shopping Effort and Store-Switching; Appendix Tables; 1. Descriptive Statistics by Category; 2. Moments for All (sales and regular) Price Changes; 3. Alternative Standard Errors; 4. Cyclical Behavior of Price Changes at the Category Level; 5. Cyclicality of pricing moments by store rank, alternative aggregation across UPCs. 6. Use Price Differentials to Construct Relative Price Ranks of Stores: Store-Level ResultsResults; Appendix Figures; 1. Sensitivity of Output Gap Response to Contractionary Monetary Policy Shock; Appendix B: A Model of Store-Switching and Pro-Cyclical Sales; Shopping Effort and Store-Switching; Appendix D: Construction of Data Moments. |
| ctrlnum | (OCoLC)862822912 |
| dewey-full | 332.152 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.152 |
| dewey-search | 332.152 |
| dewey-sort | 3332.152 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| indexdate | 2024-11-26T14:49:12Z |
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| series | IMF working paper ; |
| series2 | IMF Working Paper ; |
| spelling | Coibion, Olivier, author. http://id.loc.gov/authorities/names/n2005003711 The cyclicality of sales, regular and effective prices : business cycle and policy implications / Olivier Coibion, Yuriy Gorodnichenko and Gee Hee Hong. [Washington, D.C.] : International Monetary Fund, 2012. 1 online resource (74 pages) : color illustrations text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF Working Paper ; WP/12/207 Includes bibliographical references. Online resource; title from pdf information screen (Ebsco, viewed November 12, 2013). "Research Department." "August 2012." 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 Cover; Abstract; Contents; References; I. Introduction; II. Data Description; III. The Cyclicality of Effective, Regular and Sales Price Changes; 3.1 The Cyclicality of Posted and Effective Prices; 3.2 The Cyclicality of Sales and Regular Price Changes; 3.3 Implications of Sales and Effective Price Cyclicality; IV. Household Store-Switching; 4.1 Cross-sectional variation in the sensitivity of pricing to business conditions; 4.2 Households' choices of shopping outlets as a function of business conditions; V. Cross-Good Substitution; VI. Aggregate Implications of Store-Switching. 6.1 New Keynesian Model with Expenditure Reallocation across Retailers6.2 Testable Predictions of the New Keynesian Model with Store-Switching; 6.3 Business Cycle and Policy Implications of Store-Switching; VII. Conclusion; References; Tables; 1. Descriptive statistics; 2. Cyclical properties of selected moments of price changes; 3. Cyclicality of pricing moments by store rank; 4. Rank of the shore where households shop as a function of local unemployment rate; 5. Rank of the shore where households shop as a function of local unemployment rate and household's; 6. Within category substitution. Figures1. Correlations between key moments; 2. Economic Conditions and the Reallocation of Consumption Expenditures Across Retailers; 3. Correlation between unemployment rate and measures of inflation; 4. Business Cycle and Policy Implications of Endogenous Shopping Effort and Store-Switching; Appendix Tables; 1. Descriptive Statistics by Category; 2. Moments for All (sales and regular) Price Changes; 3. Alternative Standard Errors; 4. Cyclical Behavior of Price Changes at the Category Level; 5. Cyclicality of pricing moments by store rank, alternative aggregation across UPCs. 6. Use Price Differentials to Construct Relative Price Ranks of Stores: Store-Level ResultsResults; Appendix Figures; 1. Sensitivity of Output Gap Response to Contractionary Monetary Policy Shock; Appendix B: A Model of Store-Switching and Pro-Cyclical Sales; Shopping Effort and Store-Switching; Appendix D: Construction of Data Moments. Consumer behavior United States Econometric models. Unemployment Effect of inflation on United States Econometric models. Inflation (Finance) United States Psychological aspects Econometric models. Consommateurs Comportement États-Unis Modèles économétriques. Chômage Effets de l'inflation sur États-Unis Modèles économétriques. Inflation États-Unis Aspect psychologique Modèles économétriques. BUSINESS & ECONOMICS Finance. bisacsh Consumer behavior Econometric models fast Unemployment Effect of inflation on Econometric models fast United States fast https://id.oclc.org/worldcat/entity/E39PBJtxgQXMWqmjMjjwXRHgrq Gorodnichenko, Yuriy, author. http://id.loc.gov/authorities/names/n2005031712 Hong, Gee Hee, author. http://id.loc.gov/authorities/names/no2012114018 International Monetary Fund. Research Department. http://id.loc.gov/authorities/names/n77001219 IMF working paper ; WP/12/207. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568201 Volltext |
| spellingShingle | Coibion, Olivier Gorodnichenko, Yuriy Hong, Gee Hee The cyclicality of sales, regular and effective prices : business cycle and policy implications / IMF working paper ; Cover; Abstract; Contents; References; I. Introduction; II. Data Description; III. The Cyclicality of Effective, Regular and Sales Price Changes; 3.1 The Cyclicality of Posted and Effective Prices; 3.2 The Cyclicality of Sales and Regular Price Changes; 3.3 Implications of Sales and Effective Price Cyclicality; IV. Household Store-Switching; 4.1 Cross-sectional variation in the sensitivity of pricing to business conditions; 4.2 Households' choices of shopping outlets as a function of business conditions; V. Cross-Good Substitution; VI. Aggregate Implications of Store-Switching. 6.1 New Keynesian Model with Expenditure Reallocation across Retailers6.2 Testable Predictions of the New Keynesian Model with Store-Switching; 6.3 Business Cycle and Policy Implications of Store-Switching; VII. Conclusion; References; Tables; 1. Descriptive statistics; 2. Cyclical properties of selected moments of price changes; 3. Cyclicality of pricing moments by store rank; 4. Rank of the shore where households shop as a function of local unemployment rate; 5. Rank of the shore where households shop as a function of local unemployment rate and household's; 6. Within category substitution. Figures1. Correlations between key moments; 2. Economic Conditions and the Reallocation of Consumption Expenditures Across Retailers; 3. Correlation between unemployment rate and measures of inflation; 4. Business Cycle and Policy Implications of Endogenous Shopping Effort and Store-Switching; Appendix Tables; 1. Descriptive Statistics by Category; 2. Moments for All (sales and regular) Price Changes; 3. Alternative Standard Errors; 4. Cyclical Behavior of Price Changes at the Category Level; 5. Cyclicality of pricing moments by store rank, alternative aggregation across UPCs. 6. Use Price Differentials to Construct Relative Price Ranks of Stores: Store-Level ResultsResults; Appendix Figures; 1. Sensitivity of Output Gap Response to Contractionary Monetary Policy Shock; Appendix B: A Model of Store-Switching and Pro-Cyclical Sales; Shopping Effort and Store-Switching; Appendix D: Construction of Data Moments. Consumer behavior United States Econometric models. Unemployment Effect of inflation on United States Econometric models. Inflation (Finance) United States Psychological aspects Econometric models. Consommateurs Comportement États-Unis Modèles économétriques. Chômage Effets de l'inflation sur États-Unis Modèles économétriques. Inflation États-Unis Aspect psychologique Modèles économétriques. BUSINESS & ECONOMICS Finance. bisacsh Consumer behavior Econometric models fast Unemployment Effect of inflation on Econometric models fast |
| title | The cyclicality of sales, regular and effective prices : business cycle and policy implications / |
| title_auth | The cyclicality of sales, regular and effective prices : business cycle and policy implications / |
| title_exact_search | The cyclicality of sales, regular and effective prices : business cycle and policy implications / |
| title_full | The cyclicality of sales, regular and effective prices : business cycle and policy implications / Olivier Coibion, Yuriy Gorodnichenko and Gee Hee Hong. |
| title_fullStr | The cyclicality of sales, regular and effective prices : business cycle and policy implications / Olivier Coibion, Yuriy Gorodnichenko and Gee Hee Hong. |
| title_full_unstemmed | The cyclicality of sales, regular and effective prices : business cycle and policy implications / Olivier Coibion, Yuriy Gorodnichenko and Gee Hee Hong. |
| title_short | The cyclicality of sales, regular and effective prices : |
| title_sort | cyclicality of sales regular and effective prices business cycle and policy implications |
| title_sub | business cycle and policy implications / |
| topic | Consumer behavior United States Econometric models. Unemployment Effect of inflation on United States Econometric models. Inflation (Finance) United States Psychological aspects Econometric models. Consommateurs Comportement États-Unis Modèles économétriques. Chômage Effets de l'inflation sur États-Unis Modèles économétriques. Inflation États-Unis Aspect psychologique Modèles économétriques. BUSINESS & ECONOMICS Finance. bisacsh Consumer behavior Econometric models fast Unemployment Effect of inflation on Econometric models fast |
| topic_facet | Consumer behavior United States Econometric models. Unemployment Effect of inflation on United States Econometric models. Inflation (Finance) United States Psychological aspects Econometric models. Consommateurs Comportement États-Unis Modèles économétriques. Chômage Effets de l'inflation sur États-Unis Modèles économétriques. Inflation États-Unis Aspect psychologique Modèles économétriques. BUSINESS & ECONOMICS Finance. Consumer behavior Econometric models Unemployment Effect of inflation on Econometric models United States |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568201 |
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