The frequency of price adjustment: A study of the newsstand prices of magazines

The frequency of price adjustment: A study of the newsstand prices of magazines

Data on the newsstand prices of American magazines is used to investigate the determinants of the frequency of nominal price change. Magazine price changes, often coming after real prices have fallen by one quarter, provide strong evidence for monopolistic sticky price models. The data is examined b...

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Veröffentlicht in:Journal of econometrics 1986-04, Vol.31 (3), p.255-274
1. Verfasser: Cecchetti, Stephen G.
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Sprache:eng
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Econometrics
Frequency
Price level changes
Prices
Statistical analysis
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container_title Journal of econometrics
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creator Cecchetti, Stephen G.
description Data on the newsstand prices of American magazines is used to investigate the determinants of the frequency of nominal price change. Magazine price changes, often coming after real prices have fallen by one quarter, provide strong evidence for monopolistic sticky price models. The data is examined by applying a fixed effects logit specification to the price change rule implied by a target-threshold model of a firm facing general price inflation, an uncertain future and costly nominal adjustment. The essay concludes that higher inflation leads to more frequent price adjustment and that the real cost of price changes varies with the size of a real price change.
doi_str_mv 10.1016/0304-4076(86)90061-8
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identifier ISSN: 0304-4076
ispartof Journal of econometrics, 1986-04, Vol.31 (3), p.255-274
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source RePEc; Periodicals Index Online; ScienceDirect Journals (5 years ago - present)
subjects Econometrics
Frequency
Price level changes
Prices
Statistical analysis
title The frequency of price adjustment: A study of the newsstand prices of magazines
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