| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10726 |
| DP10726 The Cyclicality of Sales, Regular and Effective Prices: Comment | |
| J David López-Salido | |
| 发表日期 | 2015-07-19 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Coibion, Gorodnichenko, and Hong (2015) argue that the CPI underestimates the deceleration in consumer prices during economic downturns because the index fails to account for the reallocation of consumer spending from high- to low-price stores. We show that these authors' measures of inflation with and without store switching suffer from several methodological deficiencies, including an excessive truncation of price adjustments and the lack of a treatment for missing observations. When we address these deficiencies, the authors' key regression results no longer suggest that greater store switching during downturns is a statistically or economically significant phenomenon. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Effective prices Inflation measurement Outlet substitution bias |
| URL | https://cepr.org/publications/dp10726 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539557 |
| 推荐引用方式 GB/T 7714 | J David López-Salido. DP10726 The Cyclicality of Sales, Regular and Effective Prices: Comment. 2015. |
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