| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11043 |
| 来源ID | Working Paper 11043 |
| State-Dependent or Time-Dependent Pricing: Does it Matter for Recent U.S. Inflation? | |
| Peter J. Klenow; Oleksiy Kryvtsov | |
| 发表日期 | 2005-01-17 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Inflation equals the product of two terms: an extensive margin (the fraction of items with price changes) and an intensive margin (the average size of those price changes). The variance of inflation over time can be decomposed into contributions from each margin. The extensive margin figures importantly in many state-dependent pricing models, whereas the intensive margin is the sole source of inflation changes in staggered time-dependent pricing models. We use micro data collected by the U.S. Bureau of Labor Statistics to decompose the variance of consumer price inflation from 1988 through 2003. We find that around 95% of the variance of monthly inflation stems from fluctuations in the average size of price changes, i.e., the intensive margin. When we calibrate a prominent state-dependent pricing model to match this empirical variance decomposition, the model's shock responses are very close to those in time-dependent pricing models. |
| 主题 | Macroeconomics ; Business Cycles |
| URL | https://www.nber.org/papers/w11043 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568678 |
| 推荐引用方式 GB/T 7714 | Peter J. Klenow,Oleksiy Kryvtsov. State-Dependent or Time-Dependent Pricing: Does it Matter for Recent U.S. Inflation?. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11043.pdf（344KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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