Sticky Prices: New Evidence from Retail Catalogs
利用35年间12种零售商品的价格数据，发现名义价格通常固定超过一年，价格变动频率在高通胀时期更高，且变动幅度分散，大小变化并存。
This paper presents new results on the size, frequency, and synchronization of price changes for twelve selected retail goods over the past 35 years. Three basic facts about the data are uncovered. First, nominal prices are typically fixed for more than one year, although the time between changes is very irregular. Second, prices change more often during periods of high overall inflation. Third, when prices do change, the sizes of the changes are widely dispersed. Both “large” and “small” changes occur for the same item, and the sizes of these changes do not closely depend on overall inflation.