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  1. Price adjustment in the euro area in the low-inflation period
    evidence from consumer and producer micro price data
    Author: Gautier, Erwan; Karadi, Peter; Amann, Jurgen; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Fuss, Catherine; Kosma, Theodora; Jouvanceau, Valentin; Martins, Fernando; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Bachiller, Javier Sánchez; Santoro, Sergio; Seward, Domingos; Stanga, Irina; Veirman, Emmanuel de; Wieland, Elisabeth; Wintr, Ladislav; Wursten, Jesse; Zimmer, Hélène
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper documents five stylised facts relating to price adjustment in the euro area, using various micro price datasets collected in a period with relatively low and stable inflation. First, price changes are infrequent in the core sectors. On... more

    Access:
    Verlag (kostenfrei)
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    Resolving-System (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 535
    Inter-library loan:
    No inter-library loan

     

    This paper documents five stylised facts relating to price adjustment in the euro area, using various micro price datasets collected in a period with relatively low and stable inflation. First, price changes are infrequent in the core sectors. On average, 12% of consumer prices change each month, falling to 8.5% when sales prices are excluded. The frequency of producer price adjustment is greater (25%), reflecting that the prices of intermediate goods and energy are more flexible. For both consumer and producer prices, cross-sectoral heterogeneity is more pronounced than cross-country heterogeneity. Second, price changes tend to be large and heterogeneous. For consumer prices, the typical absolute price change is about 10%, and the distribution of price changes shows a broad dispersion. For producer prices, the typical absolute price change is smaller, but nevertheless larger than inflation. Third, price setting is mildly state-dependent: the probability of price adjustment rises with the size of price misalignment, mainly reflecting idiosyncratic shocks, but it does not increase very sharply. Fourth, for both consumer and producer prices, the repricing rate showed no trend in the period 2005-19 but was more volatile in the short run. Fifth, small cyclical variations in frequency did not contribute much to fluctuations in aggregate inflation, which instead mainly reflected shifts in the average size of price changes. Consistent with idiosyncratic shocks as the main driver of price changes, aggregate disturbances affected inflation by shifting the relative number of firms increasing or decreasing their prices, rather than the size of price increases and decreases.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289960632
    Other identifier:
    hdl: 10419/278585
    Series: Occasional paper series / European Central Bank ; no 319
    Subjects: price stickiness; consumer prices; producer prices; scanner data
    Scope: 1 Online-Ressource (52 Seiten), Illustrationen
  2. E-commerce and price setting
    evidence from Europe
    Author: Strasser, Georg; Wieland, Elisabeth; Macias, Paweł; Błażejowska, Aneta; Szafranek, Karol; Wittekopf, David; Franke, Jörn; Henkel, Lukas; Osbat, Chiara
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    E-commerce has become more prevalent throughout Europe in the last decade. The coronavirus (COVID-19) pandemic accelerated this trend, particularly in the retail sector. This paper focuses on the implications of increasing business-to-consumer... more

    Access:
    Verlag (kostenfrei)
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    Resolving-System (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Inter-library loan:
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 535
    Inter-library loan:
    No inter-library loan

     

    E-commerce has become more prevalent throughout Europe in the last decade. The coronavirus (COVID-19) pandemic accelerated this trend, particularly in the retail sector. This paper focuses on the implications of increasing business-to-consumer ecommerce for prices and inflation in the euro area. It highlights three key results. First, whether online prices and inflation are higher or lower than their offline counterparts depends on the distribution model, the sector and the country. Moreover, properly selected online prices track official inflation indices even in real time. Second, the effect of e-commerce on inflation appears to be transient and differs between countries. However, as the penetration of some markets is still low, these transitory effects will likely persist at the euro area level for several years. Third, online prices change more frequently than offline prices. This might lead to greater price flexibility overall as online trade gains market share in a growing number of sectors.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289961493
    Other identifier:
    hdl: 10419/278586
    Series: Occasional paper series / European Central Bank ; no 320
    Subjects: e-commerce; price rigidity; inflation; consumer prices; microdata
    Scope: 1 Online-Ressource (53 Seiten), Illustrationen
  3. Measuring inflation with heterogeneous preferences, taste shifts and product innovation
    methodological challenges and evidence from microdata
    Author: Osbat, Chiara; Conflitti, Cristina; Bellocca, Gian-Pietro; Eiglsperger, Martin; Goldhammer, Bernhard; Kuik, Friderike; Menz, Jan-Oliver; Rumler, Fabio; Saez Moreno, Marta; Segers, Lina; Siliverstovs, Boriss; Touré, Anaëlle; Wieland, Elisabeth
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper provides an extensive literature review and analyses some open issues in the measurement of inflation that can only be explored in depth using micro price data. It builds on the analysis done in the context of the ECB's strategy review,... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 535
    Inter-library loan:
    No inter-library loan

     

    This paper provides an extensive literature review and analyses some open issues in the measurement of inflation that can only be explored in depth using micro price data. It builds on the analysis done in the context of the ECB's strategy review, which pointed at directions for improvement of the Harmonised Index of Consumer Prices (HICP), including better quantification of potential biases. Two such biases are the substitution bias and the quality adjustment bias. Most analyses of substitution bias rest on the concept of the cost of living, positing that preferences are stable, homogeneous and homothetic. Consumer behaviour is characterised by preference shifts and heterogeneity, which influence the measurement of the cost of living and substitution bias. Climate change may make the impact of preference shifts particularly relevant as it causes the introduction of new varieties of "green" goods and services (zero-kilometre food, sustainable tourism) and a shift from "brown" to "green" products. Furthermore, PRISMA data show that consumption baskets and thus inflation vary across income classes (e.g. higher-income households tend to buy more expensive goods), pointing to non-homotheticity of preferences. When preferences are heterogeneous and/or non-homothetic, it is important to monitor different experiences of inflation across classes of consumers/citizens. This is particularly important when very large relative price changes affect items that enter the consumption baskets of the rich and the poor, the young and the old, in very different proportions. Another open area of analysis concerns the impact of quality adjustment on measured inflation. Evidence based on web-scraped prices shows that the various implicit quality adjustment methods can produce widely varying inflation trends when product churn is fast. In the euro area specifically, using different quality adjustment methods can be an overlooked source of divergent inflation trends in sub-categories, and, if pervasive, shows up in overall measured inflation divergence across countries.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289961523
    Other identifier:
    hdl: 10419/278589
    Series: Occasional paper series / European Central Bank ; no 323
    Subjects: inflation; consumer prices; heterogeneity; micro data
    Scope: 1 Online-Ressource (47 Seiten), Illustrationen
  4. Price setting during the coronavirus (COVID-19) pandemic
    Author: Henkel, Lukas; Wieland, Elisabeth; Błażejowska, Aneta; Conflitti, Cristina; Fabo, Brian; Fadejeva, Ludmila; Jonckheere, Jana; Karadi, Peter; Macias, Paweł; Menz, Jan-Oliver; Seiler, Pascal; Szafranek, Karol
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The coronavirus (COVID-19) pandemic caused a deep recession globally, as well as in the euro area, accompanied by a steep decline in inflation rates in 2020. This paper reviews some of the main challenges created by the pandemic for inflation... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 535
    Inter-library loan:
    No inter-library loan

     

    The coronavirus (COVID-19) pandemic caused a deep recession globally, as well as in the euro area, accompanied by a steep decline in inflation rates in 2020. This paper reviews some of the main challenges created by the pandemic for inflation measurement and provides micro price data analysis of how price setting has reacted to the strong COVID-19 shock. For this purpose, we use three different, but complementary, microdata sources for specific countries and sectors: micro price data underlying the official consumer price indices in Germany, Italy, Latvia and Slovakia; (scanner) data from German and Italian supermarkets; and online (webscraped) prices for Poland. A common finding of the micro price studies in this paper is that state dependence significantly contributed to the price-setting response to the COVID-19 shock. Nevertheless, the extent and degree of responses varies widely by sector and even country, also depending on the severity of the pandemic situation.

     
    Export to reference management software   RIS file
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289961530
    Other identifier:
    hdl: 10419/278590
    Series: Occasional paper series / European Central Bank ; no 324
    Subjects: price rigidity; inflation; consumer prices; heterogeneity; microdata,COVID-19
    Scope: 1 Online-Ressource (78 Seiten), Illustrationen
  5. Inflation heterogeneity at the household level
    Author: Strasser, Georg; Messner, Teresa; Rumler, Fabio; Ampudia, Miguel
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Inflation affects the purchasing power of households. This paper documents large, idiosyncratic inflation differences between households in their everyday shopping. Low-income households have experienced higher inflation in the last ten years, but... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 535
    Inter-library loan:
    No inter-library loan

     

    Inflation affects the purchasing power of households. This paper documents large, idiosyncratic inflation differences between households in their everyday shopping. Low-income households have experienced higher inflation in the last ten years, but the difference for richer households has been small and time varying. Householdspecific behaviour appears to dominate inflation differences within countries. Between countries, multinational retail chains not only differentiate products by branding, but also charge different prices for identical products. Retailers continue to differentiate prices along national borders, even within largely integrated economic regions. Price changes, however, are broadly aligned across borders within the same retailers.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289961547
    Other identifier:
    hdl: 10419/278591
    Series: Occasional paper series / European Central Bank ; no 325
    Subjects: inflation; consumer prices; heterogeneous agents; substitution,inequality
    Scope: 1 Online-Ressource (48 Seiten), Illustrationen
  6. Price adjustment in the euro area in the low-inflation period
    evidence from consumer and producer micro price data
    Author: Gautier, Erwan; Karadi, Peter; Amann, Jurgen; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Fuss, Catherine; Kosma, Theodora; Jouvanceau, Valentin; Martins, Fernando; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Bachiller, Javier Sánchez; Santoro, Sergio; Seward, Domingos; Stanga, Irina; Veirman, Emmanuel de; Wieland, Elisabeth; Wintr, Ladislav; Wursten, Jesse; Zimmer, Hélène
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper documents five stylised facts relating to price adjustment in the euro area, using various micro price datasets collected in a period with relatively low and stable inflation. First, price changes are infrequent in the core sectors. On... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    This paper documents five stylised facts relating to price adjustment in the euro area, using various micro price datasets collected in a period with relatively low and stable inflation. First, price changes are infrequent in the core sectors. On average, 12% of consumer prices change each month, falling to 8.5% when sales prices are excluded. The frequency of producer price adjustment is greater (25%), reflecting that the prices of intermediate goods and energy are more flexible. For both consumer and producer prices, cross-sectoral heterogeneity is more pronounced than cross-country heterogeneity. Second, price changes tend to be large and heterogeneous. For consumer prices, the typical absolute price change is about 10%, and the distribution of price changes shows a broad dispersion. For producer prices, the typical absolute price change is smaller, but nevertheless larger than inflation. Third, price setting is mildly state-dependent: the probability of price adjustment rises with the size of price misalignment, mainly reflecting idiosyncratic shocks, but it does not increase very sharply. Fourth, for both consumer and producer prices, the repricing rate showed no trend in the period 2005-19 but was more volatile in the short run. Fifth, small cyclical variations in frequency did not contribute much to fluctuations in aggregate inflation, which instead mainly reflected shifts in the average size of price changes. Consistent with idiosyncratic shocks as the main driver of price changes, aggregate disturbances affected inflation by shifting the relative number of firms increasing or decreasing their prices, rather than the size of price increases and decreases.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289960632
    Other identifier:
    hdl: 10419/278585
    Series: Occasional paper series / European Central Bank ; no 319
    Subjects: price stickiness; consumer prices; producer prices; scanner data
    Scope: 1 Online-Ressource (52 Seiten), Illustrationen
  7. E-commerce and price setting
    evidence from Europe
    Author: Strasser, Georg; Wieland, Elisabeth; Macias, Paweł; Błażejowska, Aneta; Szafranek, Karol; Wittekopf, David; Franke, Jörn; Henkel, Lukas; Osbat, Chiara
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    E-commerce has become more prevalent throughout Europe in the last decade. The coronavirus (COVID-19) pandemic accelerated this trend, particularly in the retail sector. This paper focuses on the implications of increasing business-to-consumer... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    E-commerce has become more prevalent throughout Europe in the last decade. The coronavirus (COVID-19) pandemic accelerated this trend, particularly in the retail sector. This paper focuses on the implications of increasing business-to-consumer ecommerce for prices and inflation in the euro area. It highlights three key results. First, whether online prices and inflation are higher or lower than their offline counterparts depends on the distribution model, the sector and the country. Moreover, properly selected online prices track official inflation indices even in real time. Second, the effect of e-commerce on inflation appears to be transient and differs between countries. However, as the penetration of some markets is still low, these transitory effects will likely persist at the euro area level for several years. Third, online prices change more frequently than offline prices. This might lead to greater price flexibility overall as online trade gains market share in a growing number of sectors.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289961493
    Other identifier:
    hdl: 10419/278586
    Series: Occasional paper series / European Central Bank ; no 320
    Subjects: e-commerce; price rigidity; inflation; consumer prices; microdata
    Scope: 1 Online-Ressource (53 Seiten), Illustrationen
  8. Measuring inflation with heterogeneous preferences, taste shifts and product innovation
    methodological challenges and evidence from microdata
    Author: Osbat, Chiara; Conflitti, Cristina; Bellocca, Gian-Pietro; Eiglsperger, Martin; Goldhammer, Bernhard; Kuik, Friderike; Menz, Jan-Oliver; Rumler, Fabio; Saez Moreno, Marta; Segers, Lina; Siliverstovs, Boriss; Touré, Anaëlle; Wieland, Elisabeth
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper provides an extensive literature review and analyses some open issues in the measurement of inflation that can only be explored in depth using micro price data. It builds on the analysis done in the context of the ECB's strategy review,... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    This paper provides an extensive literature review and analyses some open issues in the measurement of inflation that can only be explored in depth using micro price data. It builds on the analysis done in the context of the ECB's strategy review, which pointed at directions for improvement of the Harmonised Index of Consumer Prices (HICP), including better quantification of potential biases. Two such biases are the substitution bias and the quality adjustment bias. Most analyses of substitution bias rest on the concept of the cost of living, positing that preferences are stable, homogeneous and homothetic. Consumer behaviour is characterised by preference shifts and heterogeneity, which influence the measurement of the cost of living and substitution bias. Climate change may make the impact of preference shifts particularly relevant as it causes the introduction of new varieties of "green" goods and services (zero-kilometre food, sustainable tourism) and a shift from "brown" to "green" products. Furthermore, PRISMA data show that consumption baskets and thus inflation vary across income classes (e.g. higher-income households tend to buy more expensive goods), pointing to non-homotheticity of preferences. When preferences are heterogeneous and/or non-homothetic, it is important to monitor different experiences of inflation across classes of consumers/citizens. This is particularly important when very large relative price changes affect items that enter the consumption baskets of the rich and the poor, the young and the old, in very different proportions. Another open area of analysis concerns the impact of quality adjustment on measured inflation. Evidence based on web-scraped prices shows that the various implicit quality adjustment methods can produce widely varying inflation trends when product churn is fast. In the euro area specifically, using different quality adjustment methods can be an overlooked source of divergent inflation trends in sub-categories, and, if pervasive, shows up in overall measured inflation divergence across countries.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289961523
    Other identifier:
    hdl: 10419/278589
    Series: Occasional paper series / European Central Bank ; no 323
    Subjects: inflation; consumer prices; heterogeneity; micro data
    Scope: 1 Online-Ressource (47 Seiten), Illustrationen
  9. Price setting during the coronavirus (COVID-19) pandemic
    Author: Henkel, Lukas; Wieland, Elisabeth; Błażejowska, Aneta; Conflitti, Cristina; Fabo, Brian; Fadejeva, Ludmila; Jonckheere, Jana; Karadi, Peter; Macias, Paweł; Menz, Jan-Oliver; Seiler, Pascal; Szafranek, Karol
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The coronavirus (COVID-19) pandemic caused a deep recession globally, as well as in the euro area, accompanied by a steep decline in inflation rates in 2020. This paper reviews some of the main challenges created by the pandemic for inflation... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    The coronavirus (COVID-19) pandemic caused a deep recession globally, as well as in the euro area, accompanied by a steep decline in inflation rates in 2020. This paper reviews some of the main challenges created by the pandemic for inflation measurement and provides micro price data analysis of how price setting has reacted to the strong COVID-19 shock. For this purpose, we use three different, but complementary, microdata sources for specific countries and sectors: micro price data underlying the official consumer price indices in Germany, Italy, Latvia and Slovakia; (scanner) data from German and Italian supermarkets; and online (webscraped) prices for Poland. A common finding of the micro price studies in this paper is that state dependence significantly contributed to the price-setting response to the COVID-19 shock. Nevertheless, the extent and degree of responses varies widely by sector and even country, also depending on the severity of the pandemic situation.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289961530
    Other identifier:
    hdl: 10419/278590
    Series: Occasional paper series / European Central Bank ; no 324
    Subjects: price rigidity; inflation; consumer prices; heterogeneity; microdata,COVID-19
    Scope: 1 Online-Ressource (78 Seiten), Illustrationen
  10. Inflation heterogeneity at the household level
    Author: Strasser, Georg; Messner, Teresa; Rumler, Fabio; Ampudia, Miguel
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Inflation affects the purchasing power of households. This paper documents large, idiosyncratic inflation differences between households in their everyday shopping. Low-income households have experienced higher inflation in the last ten years, but... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    Inflation affects the purchasing power of households. This paper documents large, idiosyncratic inflation differences between households in their everyday shopping. Low-income households have experienced higher inflation in the last ten years, but the difference for richer households has been small and time varying. Householdspecific behaviour appears to dominate inflation differences within countries. Between countries, multinational retail chains not only differentiate products by branding, but also charge different prices for identical products. Retailers continue to differentiate prices along national borders, even within largely integrated economic regions. Price changes, however, are broadly aligned across borders within the same retailers.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289961547
    Other identifier:
    hdl: 10419/278591
    Series: Occasional paper series / European Central Bank ; no 325
    Subjects: inflation; consumer prices; heterogeneous agents; substitution,inequality
    Scope: 1 Online-Ressource (48 Seiten), Illustrationen
  11. Immigration and prices
    quasi-experimental evidence from Syrian refugees in Turkey
    Author: Balkan Konuk, Binnur; Tumen, Semih
    Published: 2016
    Publisher:  Central Bank of the Republic of Turkey, Head Office, Research and Monetary Policy Department, Ankara, Turkey

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Keine Speicherung
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Türkiye Cumhuriyet Merkez Bankası ; no: 16/01
    Subjects: immigration; consumer prices; Syrian refugees; natural experiment; informal employment
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  12. New facts on consumer price rigidity in the Euro Area
    Author: Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Santoro, Sergio; Wieland, Elisabeth; Zimmer, Hélène
    Published: August 2022
    Publisher:  Bank of Greece, Athens

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 501
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Working paper / Bank of Greece ; 302
    Subjects: price rigidity; inflation; consumer prices; micro dat
    Scope: 1 Online-Ressource (circa 117 Seiten), Illustrationen
  13. New facts on consumer price rigidity in the euro area
    Author: Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Santoro, Sergio; Wieland, Elisabeth; Zimmer, Hélène
    Published: [2022]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Using CPI micro data for 11 euro area countries covering about 60% of the euro area consumption basket over the period 2010-2019, we document new findings on consumer price rigidity in the euro area: (i) each month on average 12.3% of prices change,... more

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    DS 534
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    Using CPI micro data for 11 euro area countries covering about 60% of the euro area consumption basket over the period 2010-2019, we document new findings on consumer price rigidity in the euro area: (i) each month on average 12.3% of prices change, which compares with 19.3% in the United States; when we exclude price changes due to sales, however, the proportion of prices adjusted each month is 8.5% in the euro area versus 10% in the United States; (ii) differences in price rigidity are rather limited across euro area countries but much larger across sectors; (iii) the median price increase (resp. decrease) is 9.6% (13%) when including sales and 6.7% (8.7%) when excluding sales; cross-country heterogeneity is more pronounced for the size than for the frequency of price changes; (iv) the distribution of price changes is highly dispersed: 14% of price changes in absolute values are lower than 2% whereas 10% are above 20%; (v) the overall frequency of price changes does not change much with in ation and does not react much to aggregate shocks; (vi) changes in in ation are mostly driven by movements in the overall size; when decomposing the overall size, changes in the share of price increases among all changes matter more than movements in the size of price increases or the size of price decreases. These findings are consistent with the predictions of a menu cost model in a low in ation environment where idiosyncratic shocks are a more relevant driver of price adjustment than aggregate shocks.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289951180
    Other identifier:
    hdl: 10419/264494
    Series: Working paper series / European Central Bank ; no 2669 (June 2022)
    Subjects: price rigidity; ination; consumer prices; micro data
    Scope: 1 Online-Ressource (circa 116 Seiten), Illustrationen
  14. New facts on consumer price rigidity in the euro area
    Author: Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan‑Blanco, Pau; Rumler, Fabo; Santoro, Sergio; Wieland, Elisabeth; Zimmer, Hélène
    Published: [2022]
    Publisher:  National Bank of Belgium, Brussels

    Using CPI micro data for 11 euro area countries covering about 60% of the euro area consumption basket over the period 2010-2019, we document new findings on consumer price rigidity in the euro area: (i) each month on average 12.3% of prices change,... more

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    Using CPI micro data for 11 euro area countries covering about 60% of the euro area consumption basket over the period 2010-2019, we document new findings on consumer price rigidity in the euro area: (i) each month on average 12.3% of prices change, which compares with 19.3% in the United States; when we exclude price changes due to sales, however, the proportion of prices adjusted each month is 8.5% in the euro area versus 10% in the United States; (ii) differences in price rigidity are rather limited across euro area countries but much larger across sectors; (iii) the median price increase (resp. decrease) is 9.6% (13%) when including sales and 6.7% (8.7%) when excluding sales; cross-country heterogeneity is more pronounced for the size than for the frequency of price changes; (iv) the distribution of price changes is highly dispersed: 14% of price changes in absolute values are lower than 2% whereas 10% are above 20%; (v) the overall frequency of price changes does not change much with inflation and does not react much to aggregate shocks; (vi) changes in inflation are mostly driven by movements in the overall size; when decomposing the overall size, changes in the share of price increases among all changes matter more than movements in the size of price increases or the size of price decreases. These findings are consistent with the predictions of a menu cost model in a low inflation environment where idiosyncratic shocks are a more relevant driver of price adjustment than aggregate shocks.

     
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    Source: Union catalogues
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    Other identifier:
    hdl: 10419/273112
    Series: Working paper research / National Bank of Belgium ; no 408 (June 2022)
    Subjects: price rigidity; inflation; consumer prices; micro data
    Scope: 1 Online-Ressource (circa 119 Seiten), Illustrationen
  15. Expecting Brexit
    Author: Dhingra, Swati; Sampson, Thomas
    Published: [2022]
    Publisher:  Centre for Economic Performance, London School of Economics and Political Science, London

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    Series: Discussion paper / Centre for Economic Performance ; no. 1824 (January 2022)
    Subjects: Brexit; UK economy; import prices; consumer prices
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  16. New facts on consumer price rigidity in the euro area
    Author: Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Santoro, Sergio; Wieland, Elisabeth; Zimmer, Hélène
    Published: [2022]
    Publisher:  OeNB, Oesterreichische Nationalbank, Vienna, Austria

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    Other identifier:
    hdl: 10419/264832
    Series: Working paper / OeNB, Oesterreichische Nationalbank ; 240
    Subjects: price rigidity; ination; consumer prices; micro data
    Scope: 1 Online-Ressource (circa 118 Seiten), Illustrationen
  17. New facts on consumer price rigidity in the Euro area
    Author: Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Santoro, Sergio; Wieland, Elisabeth; Zimmer, Hélène
    Published: 2022
    Publisher:  Lietuvos Bankas, Vilnius

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    Series: Working papers series / Lietuvos Bankas ; No.2022,105
    Subjects: price rigidity; inflation; consumer prices; micro data
    Scope: 1 Online-Ressource (circa 115 Seiten), Illustrationen
  18. Trade and inequality in Europe and the US
    Author: Dorn, David; Levell, Peter
    Published: 06 December 2021
    Publisher:  Centre for Economic Policy Research, London

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    Media type: Book
    Format: Online
    Series: Array ; DP16780
    Subjects: Trade; globalisation; Inequality; employment; wages; consumer prices; public policy
    Scope: 1 Online-Ressource (circa 69 Seiten), Illustrationen
  19. Producer and consumer price rigidity: the case of Lithuania
    Author: Jouvanceau, Valentin
    Published: 2022
    Publisher:  Lietuvos Bankas, Vilnius

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    Series: Discussion paper series / Lietuvos Bankas ; No.2022, 27
    Subjects: Price rigidity; price-setting; producer prices; consumer prices
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  20. Prices and inflation in the UK-
    a new dataset
    Author: Davies, Richard
    Published: [2021]
    Publisher:  Centre for Economic Performance, London School of Economics and Political Science, London

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    Language: English
    Media type: Book
    Format: Online
    Series: Occasional paper / Centre for Economic Performance ; No. 55 (February 2021)
    Subjects: EU referendum; covid-19; consumer prices; inflation
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  21. New facts on consumer price rigidity in the Euro Area
    Author: Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Santork, Sergio; Wieland, Elisabeth; Zimmer, Hélène
    Published: [2022]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    Other identifier:
    Series: Temi di discussione / Banca d'Italia ; number 1375 (June 2022)
    Subjects: price rigidity; inflation; consumer prices; micro data
    Scope: 1 Online-Ressource (circa 122 Seiten), Illustrationen
  22. New facts on consumer price rigidity in the Euro Area
    Author: Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Santoro, Sergio; Wieland, Elisabeth; Zimmer, Hélène
    Published: 2022
    Publisher:  Banco de España, Madrid

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    Source: Union catalogues
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    Series: Documentos de trabajo / Banco de España, Eurosistema ; no. 2225
    Subjects: price rigidity; inflation; consumer prices; micro data
    Scope: 1 Online-Ressource (circa 109 Seiten), Illustrationen
  23. Price setting before and during the pandemic
    evidence from Swiss consumer prices
    Author: Rudolf, Barbara; Seiler, Pascal
    Published: [2022]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We provide new evidence on price rigidity at the product level based on microdata underlying the Swiss consumer price index from 2008 to 2020. We find that the frequency of price changes has increased over the last decade, particularly among products... more

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    We provide new evidence on price rigidity at the product level based on microdata underlying the Swiss consumer price index from 2008 to 2020. We find that the frequency of price changes has increased over the last decade, particularly among products where collection switched to online prices, reflecting the rise of e-commerce. Furthermore, price changes tend to be synchronized within rather than across stores. Time variations in inflation can be attributed mainly to variations in the frequency of both price increases and price decreases. In the first year of the pandemic, the frequency of price adjustments changed little on average, while temporary sales responded countercyclically to the respective demand conditions across sectors.

     
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    ISBN: 9789289953962
    Other identifier:
    hdl: 10419/278223
    Series: Working paper series / European Central Bank ; no 2748 (November 2022)
    Subjects: Price rigidity; price-setting behavior; consumer prices; inflation; COVID-19 pandemic
    Scope: 1 Online-Ressource (circa 79 Seiten), Illustrationen
  24. New facts on consumer price rigidity in the euro area
    Author: Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-Oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-Blanco, Pau; Rumler, Fabio; Santoro, Sergio; Wieland, Elisabeth; Zimmer, Hélène
    Published: [2022]
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    Using CPI micro data for 11 euro area countries covering about 60% of the euro area consumption basket over the period 2010-2019, we document new findings on consumer price rigidity in the euro area: (i) each month on average 12.3% of prices change,... more

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    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    Using CPI micro data for 11 euro area countries covering about 60% of the euro area consumption basket over the period 2010-2019, we document new findings on consumer price rigidity in the euro area: (i) each month on average 12.3% of prices change, which compares with 19.3% in the United States; when we exclude price changes due to sales, however, the proportion of prices adjusted each month is 8.5% in the euro area versus 10% in the United States; (ii) differences in price rigidity are rather limited across euro area countries but much larger across sectors; (iii) the median price increase (resp. decrease) is 9.6% (13%) when including sales and 6.7% (8.7%) when excluding sales; cross-country heterogeneity is more pronounced for the size than for the frequency of price changes; (iv) the distribution of price changes is highly dispersed: 14% of price changes in absolute values are lower than 2% whereas 10% are above 20%; (v) the overall frequency of price changes does not change much with inflation and does not react much to aggregate shocks; (vi) changes in inflation are mostly driven by movements in the overall size; when decomposing the overall size, changes in the share of price increases among all changes matter more than movements in the size of price increases or the size of price decreases. These findings are consistent with the predictions of a menu cost model in a low inflation environment where idiosyncratic shocks are a more relevant driver of price adjustment than aggregate shocks.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9783957299062
    Other identifier:
    hdl: 10419/265428
    Series: Discussion paper / Deutsche Bundesbank ; no 2022, 32
    Subjects: price rigidity; inflation; consumer prices; micro data
    Scope: 1 Online-Ressource (circa 111 Seiten), Illustrationen
  25. Price setting before and during the pandemic
    evidence from Swiss consumer prices
    Author: Rudolf, Barbara; Seiler, Pascal
    Published: [2022]
    Publisher:  Swiss National Bank, Zurich

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    Series: SNB working papers ; 2022, 12
    Subjects: Price rigidity; price-setting behavior; consumer prices; inflation; COVID-19 pandemic
    Scope: 1 Online-Ressource (circa 85 Seiten), Illustrationen