Identifying Price Reviews by Firms: An Econometric Approach
通过估计膨胀有序概率模型，区分了价格粘性的两种原因：企业未审查价格与菜单成本，发现价格审查频率低，表明信息成本是价格粘性的重要决定因素，对货币政策实际效应有启示。
Abstract Price reviews are a potentially costly activity. A significant fraction of unchanged prices may stem from firms not reviewing prices, rather than from obstacles to changing prices per se , such as menu costs. In this paper, we disentangle these two causes of price stickiness by estimating an inflated ordered probit model on a panel of French manufacturing firms. The results point to a low frequency of price reviews, suggestive of the relevance of information costs as a determinant of the observed price stickiness. In view of the “inattentive producers” literature, pointing that the source of price rigidity matters, this is suggestive of a large real effect of monetary policy.