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

Johannes Hoffmann and Jeong-Ryeol Kurz-Kim

No 2006,16, Discussion Paper Series 1: Economic Studies from Deutsche Bundesbank

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 which covers the years 1998 to 2003. We strong find evidence of time- and state-dependent price adjustment. Most importantly, the differences in ?unconditional? sectoral price flexibility are found to be linked to input price volatility.

Keywords: price rigidity; price flexibility; Consumer Price Index; Germany (search for similar items in EconPapers)
JEL-codes: D43 E31 L11 (search for similar items in EconPapers)
Date: 2006
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (68)

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Working Paper: Consumer price adjustment under the microscope: Germany in a period of low inflation (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:bubdp1:4355

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