The Global Reach of US Monetary Policy: Suggestive Evidence from the Global Financial Crisis and the COVID-19 Pandemic

Kozo Ueda and Kota Watanabe

CAMA Working Papers from Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University

Abstract: Measuring service prices remains particularly challenging due to their inherent heterogeneity and lack of standardization, unlike goods whose prices are easily captured through scanner data. This study exploits newly available scanner data from approximately 1,000 Japanese restaurants covering the period 2018-2025, which record detailed information on every order. We construct indices for prices, quantities, and sales, and analyze the frequency and magnitude of price changes. Even though restaurant items are highly heterogeneous and less standardized than goods, price indices remain stable across different formulas. The indices exhibit only minimal biases from intratemporal (cross-sectional) and intertemporal substitution. Moreover, scanner-based restaurant prices align closely with CPI measures.

Keywords: consumer price index; price stickiness; measurement (search for similar items in EconPapers)
JEL-codes: C43 E31 E52 (search for similar items in EconPapers)
Pages: 40 pages
Date: 2025-11
New Economics Papers: this item is included in nep-mon and nep-sea
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Persistent link: https://EconPapers.repec.org/RePEc:een:camaaa:2025-61

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