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More facts about prices: France before and during the Great Recession

Nicoletta Berardi, Erwan Gautier () and Hervé Le Bihan ()

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Abstract: Using micro price data, we document new facts on price rigidity in France: (i) each month 20.1% of prices are changed, which compares with 24.1% in the United States. Excluding sales, however, the fraction of prices modified each month is about the same in France and in the United States (around 17%); (ii) the distribution of price changes is quite dispersed; (iii) the frequencies of price increases and decreases contribute a lot to inflation variations, and price increases are more frequent in January even when sales are excluded; (iv) sales contribute significantly to the volatility of inflation but are much less sensitive to macroeconomic fluctuations than regular price changes; (v) during the Great Recession patterns of price adjustment were only slightly modified.

Keywords: Price stickiness; inflation; consumer prices; sales; product substitution; Rigidité des prix; prix la consommation; soldes et promotions; remplacements de produit (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eec, nep-hme and nep-mac
Date: 2014-09-03
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Journal Article: More Facts about Prices: France Before and During the Great Recession (2015) Downloads
Working Paper: More Facts about Prices: France Before and During the Great Recession (2013) Downloads
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