Examining the Behaviour of Individual UK Consumer Prices
利用数百万条价格观测数据，发现英国消费者价格变化存在显著异质性，这与标准宏观经济模型的基础假设不一致，提示需要寻找更符合实际的价格设定模型。
This article examines how UK consumer prices behave, using two databases with millions of price observations: the microdata that underpin official Consumer Prices Index data and a database of supermarket prices. Prices do not change continuously but our key finding is the marked heterogeneity in the data. That is not consistent with standard microeconomic foundations that typically form the basis of macroeconomic policy models. Declining hazard functions and the distribution of price changes also argue against representative agent models. Our results suggest further work is needed to find a model of price‐setting that genuinely corresponds to how individual UK consumer prices behave.