Asymmetries in Price‐Setting Behavior: New Microeconometric Evidence from Switzerland
提出一种放松未观测异质性分布假设的估计方法，并用它研究低通胀环境下价格上调的比例变化。当通胀从0.9%降至零时，价格上调占所有价格变动的比例从63.6%降至56.2%。
ABSTRACT In this paper, we follow the recent empirical literature that has specified reduced‐form models for price setting that are closely tied to ( S , s ) ‐pricing rules. Our contribution to the literature is twofold. First, we propose an estimator that relaxes distributional assumptions on the unobserved heterogeneity. Second, we use the estimator to examine the prevalence of positive price changes in a low‐inflation environment. Our model estimates suggest that, if inflation falls from 0.9% to zero, the share of positive price changes in all price changes falls from 63.6% to 56.2%.