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Consumer price adjustment under the microscope: Germany in a period of low inflation

Johannes Hoffmann and Jeong-Ryeol Kurz-Kim

No 652, Working Paper Series from European Central Bank

Abstract: We analyse the adjustment of retail and services prices in a period of low inflation, using a set of individual price data from the German Consumer Price Index that covers the years 1998 to 2003. We strong find evidence of time- and statedependent price adjustment. Most importantly, the differences in "unconditional" sectoral price flexibility are found to be linked to input price volatility. JEL Classification: E31, D43, L11

Keywords: consumer price index; Germany; price flexibility; price rigidity (search for similar items in EconPapers)
Date: 2006-07
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Citations: View citations in EconPapers (98)

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