Retail prices during a change in monetary regimes: evidence from Sears, Roebuck catalogs, 1938-1951

Andrew T. Young and Alexander K. Blue
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Andrew T. Young: University of Mississippi, MS, USA, Postal: University of Mississippi, MS, USA
Alexander K. Blue: Emory University, GA, USA, Postal: Emory University, GA, USA

Managerial and Decision Economics, 2007, vol. 28, issue 7, pages 763-775

Abstract: We present microeconomic evidence on US pricing dynamics pre and post-establishment of the Bretton Woods (BW) monetary regime. We track prices of 49 goods (1172 observations) in 1938-1951 Sears, Roebuck catalogs. The average length between (nominal) price changes was over 2 years. The average was higher (2.05 years) in the pre-BW period than in the later (2.01 years). We find that prices of brand name goods were relatively rigid; three never changed price. Price changes were larger during the 1945-1951 period than pre-BW by between 0.60 and 1.83%. Price changes displayed a higher correlation with inflation pre-BW. Copyright © 2007 John Wiley & Sons, Ltd.

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