The Inflationary Consequences of a Currency Changeover on the Catering Sector: Evidence from the Michelin Red Guide*
利用米其林红色指南数据，发现欧元区餐厅在货币转换后出现异常涨价，尤其是旅游餐厅，表明菜单调整和四舍五入只能部分解释这一现象。
Abstract This paper examines the inflationary consequences of a currency changeover in the catering market. Empirical evidence from the Michelin Red Guide shows that: (i) differently from restaurants in non‐euro countries, restaurants in the euro area experienced abnormal price increases just after the changeover; and (ii) among restaurants in the euro area, tourist restaurants are responsible for most of the abnormal price increases. These results suggest that proposed explanations for the changeover effect, such as menu adjustment and rounding up, are only part of the story. We present a simple model of the catering market that is consistent with the evidence.